Gas prices shift up as carbon futures come into focus

Despite the good weather gas prices shifted higher on Thursday as low LNG supply and bullish carbon futures came into focus.

Key contracts continued to trade within the narrow range established across the past few sessions amid mainly unchanged fundamentals.

A quiet LNG delivery schedule continues to serve as a source of support for contracts at the front-end, shipping signals indicate that only 2 vessels have arrived so far in May and the Port of Milford Haven arrival schedule suggests that no vessels are expected to berth over the next 7-day outlook.

According to data from National Gas, LNG send out averaged just 27mcm/d throughout Thursdays session, which was only a fraction of the 95mcm/d figure recorded for the same day last year.

Later-dated contracts possibly traced bullishness in the carbon market, data from ICE shows that the Carbon EUA benchmark contract was lifted 2.2% day-on-day and subsequently closed at its highest level since 16th April.

Natural gas prices have so far resumed their upward trajectory this morning, with the June 24 front-month contract currently being offered circa 0.034p/kWh above its previous settlement

The UK is currently consuming 29.47 GW’s of electricity (11:00 – 11:30).

The UK’s onshore and offshore wind turbines are only currently generating 1.34 GW’s (4.17%) of the UK’s total electricity with solar generation at 7.85 GW’s (24.47%) and gas for power generating 8.29 GW’s (25.85%) of the total.

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