Gas prices up as demand increases

Gas prices continued to strengthen on Thursday, supported by tight supply fundamentals and an increase in weather-related demand.

The biggest moves were posted across the near-curve, with the May 24 front-month contract posting gains of circa 0.06p/kWh when compared to its previous close.

Constrained Norwegian supplies likely added to the pressure. Data from offshore operator Gassco shows that Langeled pipeline flows continued to plummet, with nominations falling an additional 38% day-on-day amid a considerable 73.69mcm of planned maintenance that coincided with below-average European temperatures.

On the weather front, the latest forecasts from Met Office indicate that UK temperatures will remain on the cooler side for the rest of Week 17, with our 14-day demand model suggesting that demand could remain well-above seasonal norms until at least 30th April amid cooler weather forecasts and subdued wind generation.

In other news, Feedgas flows into the Freeport LNG plant in Texas have reportedly been halted once again as workers struggle to correct technical issues at the facility that are impacting exports to the European market.

Gas prices have opened in softer territory this morning, with the Winter 2024 front-season contract currently being offered 0.05p/kWh below its previous settlement at time of writing.

The UK is currently consuming 32.74 GW’s of electricity (10:00 – 10:30).

The wind has dropped a lot today. Wind turbines are currently only generating 1.90 GW’s (5.39%) of the UK’s total electricity with gas for power up at 12.61 GW’s (35.87%) of the total.

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