Prices up amid potential LNG supply disruption

Gas price recouped some strength on Tuesday, as European gas hubs eyed potential disruption to LNG infrastructure on the US East Coast.

Bullish sentiment was more pronounced further along the curve, with the Winter 24 front-season contract shifting circa 1p/therm (0.034p/kWh) when compared to its previous close.

The proximity of Hurricane Beryl to major LNG export facilities in the Gulf of Mexico perhaps fed a degree of risk into the market, with Europe receiving a large share of its LNG imports from this region. The storm, which reached Category 5 (157mph+) wind speeds on Tuesday is currently tearing through the Caribbean and is expected to hit Jamaica as a Category 4 storm later today and, depending on course projections, could make landfall in southern Texas as a tropical storm on Sunday causing possible delays at terminals.

In other news, Ofgem’s new domestic price cap came into force on Monday taking a typical household’s gas and electricity bills from £1,690 to £1,568 per annum (-7.22%).

Gas prices have opened in softer territory this morning, with the both the front-month and season contracts currently being offered circa 1p/therm (0.034p/kWh) below their previous settlement, although many contracts have yet to trade at time of writing.

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