Gas prices edge higher within narrow range

Gas price edged higher on Thursday, as NBP contracts ebbed and flowed within a narrow range.

This time the biggest moves were posted further out, as near-curve contracts held steady on the back of a consistent supply outlook that is potentially helping to feed some much-needed certainty into the market.

According to our latest 14 day model, demand is expected to climb back above seasonal norms from 29th June, however falling planned maintenance in Norway along with gradually recovering LNG supply means that the UK should be well-positioned to withstand short term fluctuations in demand.

Strength observed across the wider energy complex may have enhanced bullish sentiment along the far-curve, according to data from ICE, the Brent Crude benchmark contract saw day-on-day gains of 1.3% as escalating geopolitical tensions in the Middle East and worsening Houthi attacks in the Red Sea continued to support global oil markets.

In other news, French operator TotalEnergies SE is reportedly in talks to sell its ‘West of Shetland’ development encompassing the Solan, Clair and Schiehallion fields to British operator Prax Group in a move that (if approved) would increase the UK’s ownership share of its North Sea and Atlantic oil and gas assets.

This morning, gas prices have opened in softer territory, with the Winter 24 front-season contract currently being offered circa 0.5p/therm (0.017p/kWh) below it’s previous settlement at time of writing.

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