Gas prices rebound amid low LNG send out

Gas prices rebounded on Friday amid low LNG send-out and unplanned British maintenance.

Contract prices across the curve nudged higher throughout the session with many settling around 0.07p/kWh above their previous closing price.

A slump in LNG send-out perhaps acted as a prime source of support. According to data from National Gas, send-out fell by circa 11% day-on-day and reached its lowest level since 29th September 2023.

Furthermore, news of unplanned maintenance to the St Fergus terminal may have also played into the bullish sentiment. Additional data from National Gas shows the gas treatment plant will be taken offline on 27th March, whilst essential maintenance is carried out.

In other news, the Biden administration halt on LNG permits has been formally challenged by 16 US states. The halt was officially announced on the 19th January 2023 for the intention of reviewing the effects of natural gas exports on the environment and economy.

This morning gas prices have continued to climb with the Winter-24 contract last trading almost 0.1p/kWh above its previous closing price at time of writing.

The UK is currently consuming 35.02 GW’s of electricity at the time of writing (10:00 – 10:30), 2-3 GW’s high than last weeks average as temperatures drop.

Wind is currently contributing 10.00 GW’s (26.71%) of the UK’s electricity generation at the time of writing. Gas is currently contributing slightly more at 11.16 GW’s (29.38%) of the total.

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