- Market Comments January
Tuesday 2nd January 2018 - Gas prices dropped on the last day of trading in 2017 driven down by a falling spot price, a consequence of oversupply and weak demand. This morning, the system is 40mcm long a combination of a minor drop in demand coupled with increased flows from Norway and a large increase in flows across the interconnector. Very little has traded yet with prices mostly unchanged from the previous session.
Wednesday 3rd January 2018 - Gas prices started a new year of trading with a minor retreat in the UK driven down by the front end of the curve, the spot market, where an oversupply of 40mcm depressed prices. Gas prices on the continent were mostly unchanged as traders torn between falling oil prices and a rally in the coal market. This morning prices are mostly unchanged as traders eye the risk of a cool down in temperatures over the coming weekend.
Thursday 4th January 2018 - Gas prices were slightly lower yesterday, on the back of a long system and a minor retracement in coal prices. Any further sell-off was held until traders can become more confident about the weather forecasts for next week, taking into consideration the extent and duration of the cooler temperatures of any cold snap. Today, prices are slightly lower at the front end of the curve as the weather forecasts have turned a touch warmer from yesterday. Gas is also receiving some support for longer dated contracts on fresh highs in oil.
Friday 5th January 2018 - While the DA was up on NBP as we are heading into colder weather, the monthly forward contracts were down, as the cold weather seems to be short lived, and temperatures point to mild weather from end of next week in the UK. This morning we are further off as the warm up has been confirmed, and as the system is slightly long despite a significant drop in temperatures since yesterday in the UK especially.
Monday 8th January 2018 - In spite of a cold snap over the UK, the weather for Nord Western Europe looks mild for the season. This was bearish the overall European gas markets on Friday. It was the front that took the lead in the bearish market, but Brent oil was also off and a stronger pound helped the curve in the UK down as well. Coal on the other hand was a bit stronger, but the weather and oil prevented the gas market from going up. Not a lot has changed during the weekend, but weather forecasts have turned a tad colder for Europe. With the slightly colder weather, a bit of upside to the front can be expected, the last couple of weeks decreases taken into consideration.
Tuesday 9th January 2018 - Temperatures have dipped over the last couple of days both in the UK and on the Continent. Levels are currently below seasonal normal in the UK and around normal on the Continent. It’s basically the first time this winter that the market is experiencing situations with below normal temperatures and demand makes the short end of the market tighter. Despite fundamental strength in the short end players didn’t seem worried about the situation in yesterday’s session and prices ended sideways. Late yesterday an earthquake in the Groningen area was registered, this together with colder forecasts compared to yesterday makes the gas markets open stronger.
Wednesday 10th January 2018 – Yesterday was bullish for European gas markets. Weather forecasts were colder yesterday, and the news from late Monday about the Groningen earthquake continued to support the market through yesterday’s trading. Reports of a big drop in US oil inventories sent the oil to new highs. This morning gas is off with slightly warmer weather and a long system. Coal is also coming off, adding to the bearish sentiment, but it’s too early to call and end to the bull ride for coal. Oil stays strong, limiting the downside for the curve.
Thursday 11th January 2018 - Yesterday the markets opened slightly below Tuesdays close, as the weather was a bit warmer and coal was off. But around noon, NAM, the operator of Europe’s largest gas field, Groningen, issued a statement saying they would propose production cuts at the field because of the earthquake Monday, that was the largest since 2012. Gas prices shoot up on this on the whole curve. But longer dated products were up, and stayed up, closing over 1 p/th up for some seasons in the UK, and about 0.25 €/MWh for calendar products on the Continent. This morning the front is up a bit, but not higher than where we traded yesterday. The system is significantly long. The direction of the curve will be very much dependent on if or what information the market will receive today about the proposed production cuts.
Friday 12th January 2018 - NAM, the operator of the huge Groningen gas field, has suggested to the Dutch regulator, to lower gas production by around 10% without giving any further specific details. The market took this fairly calm yesterday, and with lower coal and a late slump in oil, curve contracts on the continent traded down. In the UK, a weaker pound countered the bearish coal and most contracts closed unchanged. This morning a change in weather forecasts are sending the front end of the curve on the move. It looks colder in today’s forecasts, and the American weather model points to a significant cold spell over most of Europe. The European weather model is not as bullish, but this is enough to send the European gas markets significantly up. Coal is also up this morning, but oil is coming off after having traded just above 70 $/bbl yesterday. We are currently at 69 $/bbl on front month oil.
Monday 15th January 2018 - Gas prices improved on Friday, following forecasts for a prolonged cold snap coupled with increased prices for both coal and crude. This morning, the world looks a little bit different, forecasts have moderated and the system is long 26mcm. The length is mostly due to flows from the continent across the interconnector which were priced in on Friday when traders expected colder weather. The reversal in temperatures has crushed prices this morning with the front month trading down 2p in the UK and 50 cents on the continent. Coal is trading unchanged, oil is down a touch and power is down with gas and weather.
Tuesday 16th January 2018 - Yesterday the gas market was oversupplied in the UK, this coupled with a revised forecast for more mild temperatures sent prices down, despite the minor gains in coal and oil. This morning, the system is again long by almost 30 mcm, despite increased demand and a drop in supplies from Norway, the interconnector flows to the UK have increased to 41 mcm which accounts for all of the excess gas in the system. The power markets are up on a slightly cooler weather run and it is expected that the markets will retrace some of the yesterday's losses if further forecasts confirm the cooler expectations.
Wednesday 17th January 2018 - Gas prices came under pressure yesterday, following a retracement in both the oil and coal prices and on the back of a very over supplied system. This morning, prices are being dealt lower again after weather forecasts have been revised warmer and windier for the UK. Coal prices are down as well in early trading, while oil is stable as experts predict a further draw in US stock piles this week.
Thursday 18th January 2018 - Gas prices relaxed further yesterday in both the UK and on the continent, driven down by warmer and windier forecasts coupled with a long system and dip in the price of coal. This morning, the fight continues as the back end of the 15-day forecasts has been revised warmer across Europe with NW Europe seeing the most pronounced change. Stocks are in good shape for the time of the year posting a surplus to 2017 and trending towards the 5-year average, imports from Russia have dropped back as power supplies from hydro and nuclear sources have surged and pushed gas fired generation out.
Friday 19th January 2018 - Gas prices were distributed marginally lower yesterday, on the back of mild forecasts and a comfortably supplied system. The drop may have been larger if not for a number of outages announced to the market by Norwegian firm GASSCO, the unplanned outages are expected to very short term in nature but were crucial in slowing the downward slide. This morning, prices are mostly flat to Thursday's close as some short sellers are likely taking profit after 4 days of sell-offs. The weather forecasts have been revised warmer at the back end of the 15-day outlook, while coal, carbon and power are making minor gains in early trade action.
Monday 22nd January 2018 - Prices for gas were unchanged on Friday as mild weather was expected to arrive on Monday while a number of unplanned outages cut production and supplies to Europe. The broader energy complex was mixed with crude taking losses while coal made gains and power prices were mixed. This morning, the system is short on a dip in flows from Norway to the UK and a reduction in flows from the continent. Prices are mostly unchanged in very early trade action.
Tuesday 23rd January 2018 - Gas prices retraced some of last week’s losses on Monday after a easy start. The weather forecasts came in colder around mid-day sparking a bit of a rally on the remaining months of the winter, February and March, while gains on the rest of the curve were more modest. This morning, the system is long on mild weather and an up-tick in wind power production. in the UK demand has fallen by 31 mcm while supply is down around 10 mcm. Broadly flows are very stable and the year over year volume of gas in storage is growing. Oil and coal are both up this morning as is gas and power, save for Nordic power with is a touch softer on increased precipitation.
Wednesday 24th January 2018 - Gas prices fell yesterday. Prices climbed in the morning at the front end of the curve on the morning weather forecasts, however, by midday, forecasts updates indicated temperatures may not fall below normal and the market reversed sharply. This morning, gas prices are being dealt lower in early trade action on the back of balanced system and neutral forecasts, coupled with softer oil and coal.
Thursday 25th January 2018 - Gas prices continued to move yesterday despite a rally in oil which took the commodity to new highs. The system was comfortable supplied while temperatures remained mild and wind power output robust. Additionally, power and coal were also traded lower which added to the bearish sentiment on the gas markets. This morning, the system is long on the back of increased flows across the interconnector despite a large drop in receipts from Norway which have been diverted to the continent. Prices have rebounded slightly after yesterday’s sell off as some short sellers have taken profit on the move ahead of a return to normal temperatures next week.
Friday 26th January 2018 - Gas prices were varied yesterday with the UK closing mostly unchanged while the continental markets took on some minor losses, the primary drive for the divergence in trade direction was currency with the euro strengthening against its peers, the pound and the dollar. This morning, that move, cooler forecast runs and a sharp drop in wind output have pushed up gas prices in the UK and on the continent, despite a long system. On February 1st the markets will get news on any changes in the production caps for the Dutch Groningen gas field.
Monday 29th January 2018 - Gas prices were distributed lower on Friday, with only the balance of winter months contracts, February and March, making gains day on day. Prices were softer as the mood for traders remained bearish on the back of a well-supplied market with mild weather conditions and sideways peripheral markets. This morning, the system is long as supplies have picked up after unplanned maintenance more than the expected increase in demand from cooling temperatures. Oil prices are flat from Friday, while coal and German power have kicked off the week stronger, gas is following their lead and is also stronger. The February contract is set for expiry and some support will come from short sellers buying back or rolling positions before the contract goes into delivery.
Tuesday 30th January 2018 - Yesterday prices for gas closed lower, despite starting the day in positive territory. The broader energy complex came under pressure with oil and coal taking on loses of over a dollar each, that coupled with a long system sent the gas tumbling down through the day to close in the red. This morning, gas prices are in positive territory in early trading as the forecasts have come in a touch cooler than yesterday and as traders take some profit from short positions. Oil is off slightly in early trade action while coal is mostly unchanged.
Wednesday 31st January 2018 - The gas market dropped yesterday, driven down by a long system, moderating forecasts and a softer energy complex. Weakness in coal and the sell-off that occurred was quite stunning with the price falling almost $2.25/ton on the front calendar contract. The move in coal had only a slight impact on the gas market which has been falling since the start of the new year, in fact forward winter contracts made gains yesterday in the face of the bearishness of competing fuels, speculators are likely buying ahead of the Gronening announcement on Thursday. This morning, prices have shot up as the forecasts have turned decidedly colder, with temperatures expect to drop below normal next week. The system is long for today, but will carry little weight against the change in temperatures expected. Us crude stats for this week suggest the first build in stocks this year.
- Market Comments February
Thursday 1st February 2018 - Gas prices roofed yesterday, marking a sharp blow with the downward trend that began with the start of the new year. The rally has been sparked by a forecasted drop in temperatures across Europe and the UK for the first week of February, the colder weather is also accompanied by a fall in forecasted wind which will require more gas for power generation. This morning, the system is long, as supplies from the mainland and from Norway flood the UK. The Groningen announcement is expected today and traders have been covering positions ahead of the news. Coal has lost about $4 over the last couple of days which should help to keep it competitive with gas.
Friday 2nd February 2018 - Prices for gas were dealt lower yesterday, after a rollercoaster of price movement after the Groningen announcement. The Dutch Government has recommended a cut of 50% to production with closure of some minor fields as soon as possible, the final decision will be left to the respective minister. The market rallied initially on the news selling off shortly after. Falling coal prices have lowered the fuel switching point between the competing fuels and given a bit more room to the downside. This morning, the system is stable, forecasts are slightly warmer on the continent and a touch cooler in the UK. Prices are up slightly from the close, coal is down while oil is up.
Monday 5th February 2018 - Gas prices closed last week slightly lower dropping with oil and power, despite a jump in coal and cooler forecasts. This morning, the system is long on increased flows from both Norway and the continent despite a jump in demand, attributed to cold weather and very low wind power output. Energy prices are down across the complex with power, carbon, coal and oil losing value. Energy market sentiment is being driven by a rise in forecast temperatures next week and overall bearishness in markets generally, stock markets have had their worst week since the start of the year and continue to lose ground this morning.
Tuesday 6th February 2018 - Gas prices were dealt lower yesterday, following the wider commodities and equities complex which saw oil, coal and power all trade down while stock markets globally took a beating. Additionally, a change in forecasts from below normal to rising temperatures next week compounded the bearish sentiment. This morning, the bears remain in full control as the market is seen to open further down. The system is long despite the cold weather as expectations of more mild weather have compelled storage operators to sell off stocks ahead of further spot price declines. Global equity markets have been further battered and some of this sentiment is filtering into the energy markets via oil and coal prices.
Wednesday 7th February 2018 - Gas prices made gains yesterday in the UK on the back of a weakened pound and a switch to a cooler prognosis for the 10-15-day period of the forecast. The continent was buffered from most of the move due to a stronger euro, making imported gas cheaper. This morning, the system is again long as demand begins to wane and supplies remain unchanged, wind output is also expected to increase. The market will remain very focused on changes in weather as forecasters line up with prediction for how February and March will develop.
Thursday 8th February 2018 - Gas prices were up and down yesterday after the mid-day announcement of a stop in flows on the Forties pipeline. Intraday gains of 2-3 pence/therm were seen on spot and front month prices, however later in the session an announcement was made that Ineos expected to restart the system overnight and prices were sold back down. This morning, the system is long despite the loss of flows on a drop in demand and an increase in wind output, forecasts are slightly milder today vs. yesterday, however, the change is negligible. Ineos has said in a press release that the restart will take until Friday morning, flows have risen marginally from the bottom.
Friday 9th February 2018 - Gas prices recoiled yesterday day after the bears took control of the broader energy markets dealing oil, gas, power and coal to the downside. Coal was the hardest hit losing over $3 on the day, a bearish signal for gas as the competition between the fuels for power generation heats up. This morning, the system is short as flows to the UK have been turned down with a fall in demand. A few lasting outages have also cut supplies to the UK adding to the shortfall. In early trading the market is up modestly in response to the tight spot market and a minor bounce in coal, mixed power markets and flat oil, the stock markets continue to correct from recent highs.
Monday 12th February 2018 - Gas prices went madly off in two directions on Friday with UK gas rallying while prices on the continent were distributed lower, this was on the back of a drop in value of the pound against the euro. This morning, the system is long, coal and oil have rebounded but gas is trading down slightly from Friday’s close as the commodity aligns itself with the moves of it peers from last week and on generally bearish weather forecasts.
Tuesday 13th February 2018 - Gas prices made improvements yesterday, following colder forecasts to the upside. This morning, the system is long, on the back of robust wind output and mild temperatures, it would be hard to tell this was the case as prices have roofed in early trading on a forecasted cold snap expected to begin around the end of the month and possibly continue into March. The arctic bomb has got traders covering shorts and taking longs in anticipation of a possible polar vortex and a plunge into a massive deep freeze.
Wednesday 14th February 2018 - Gas prices gathered yesterday, driven up on the back of a sharply colder weather forecast for major European capitals that would see the mercury plunge upwards of 5 degrees below normal for the time of year. This morning the system is long, weather forecasts are touch warmer and wind power output is high, as a result the spot and front end of the curves are down while longer dated contracts are more or less unchanged.
Thursday 15th February 2018 - Gas prices were slightly softer yesterday, on the back of a long system and a sell-off in spot prices. This morning, the system is long as demand drops faster than supplies into the UK and the weather warms up. Coal and oil hold on to and make further gains as stock markets continue to recover from the recent route. This morning's weather forecast runs have come in a touch warmer and the front month has sold off while the back end of the curve has found support.
Friday 16th February 2018 - Gas prices were distributed lower yesterday on mild forecast runs showing temperatures assembling closer to normals for this time of year in addition, coal traded down competing for space in the power sector. This morning, the system is long, albeit just barely, flows are mostly unchanged and demand is dropping on mild weather. However, the weather runs have gone from predicting a warm-up to above normal temperatures to predicting a drop to new lows in cold weather compared to the last few days. There is a great deal of disagreements in the forecasts and with the latest going cold, prices for gas have regained all of yesterday’s losses on the first trade. With this information, it is unlikely traders will go into the weekend holding short positions.
Monday 19th February 2018 - Gas prices assembled on Friday as traders covered short positions and took length into the weekend over concerns of a pronounced drop and prolonged period of below normal temperatures. This morning, the cold forecasts have been confirmed and the market is up over 2p/th on the spot and front month respectively. The cold weather is expected to hang around into March thus far with no return to normal forecasted during the 15-day period, leaving the market concerned this could be a repeat of the record cold snap of 2013.
Tuesday 20th February 2018 - Gas prices jumped to new highs in the spot market yesterday as the market braces for a drop into below normal temperatures later this week. Confirmation of colder than normal temperatures for the next couple weeks pushed prices up across the curve with the front month rising the most while longer dates contracts followed in sympathy. This morning, the system is quite long as demand remains high from storage operators to inject ahead of the cold snap, prices are also higher but the increases are a bit more modest when compared to the moves on Monday.
Wednesday 21st February 2018 - Gas prices continued to fall yesterday, pushed higher on forecasts and short covering as weather forecasts suggest colder temperatures for a longer period. Gains were made in the UK gas market as the cold weather is set to engulf Europe. This morning, the system is long as the NBP continues to price at a premium to the continental markets encouraging shippers to send gas to the UK. Forecasts are broadly unchanged, coal is down slightly as is oil; expectations are for a build in US stocks tomorrow. The primary drive for the markets will be weather and the stability of flows, so far today very little has changed.
Thursday 22nd February 2018 - Gas prices were increased for another day in the spot during Wednesday's session in both the UK and on the continent, by contrast curve prices were mostly flat with a few minor losses on some of the longer dated contracts. This morning, the market has had a bit of a reversal, clawing back some of yesterday's late afternoon sell-off. Gas price continue to pick up in the spot market with gains on the curve more limited in early trading action.
Friday 23rd February 2018 - Gas prices were dealt higher in the spot and on the front month yesterday as the market continues to brace for the cold weather and snow that is expected next week. Support for the market also came from a rally in coal prices which have moved up with the cooler temperatures while gains in oil from a surprise draw in US stockpiles lent sentimental support. This morning, the market continues to move higher in the front with march trading up a penny and a half in early action The forecasts are mostly unchanged from yesterday with cold temperatures and reasonable solar and wind production give the low temperatures. National grid data is unavailable this morning so we do not know if the system is long or short.
Monday 26th February 2018 - Gas prices hit new highs on Friday as the markets shook, trade action was aggressive and in large volume, Day-Ahead prices climbed in advance of the worst of the cold snap with prices in the UK climbing more than 15p/th intra-day before settling over 11p/th higher. This morning, the system is long despite declining flows through the interconnector, the oversupply comes from a step-up in off shore production, flows across the BBL and draws in medium range stocks. The weather forecasts are showing a sharp increase in temperatures for Europe over the next week.
Tuesday 27th February 2018 - Gas prices took a bit of a beating yesterday selling down over 6p/th on the Day-Ahead while on the continent prices were down around 1.5€, coal was sold down aggressively along with gas on the back of a confirmation of a return milder weather next week. This morning, the system is short as demand reaches its forecast peak during the cold snap, spot prices are up and the curve is moving in modest sympathy. Traders continue to watch the forecasts closely for a return to below normal temperatures which has been suggested by some meteorologists at the end of the 15-day outlook.
Wednesday 28th February 2018 - Gas prices recovered yesterday in the spot markets with a bit of vengeance, making gains of 12€ and 23p/th respectively. The move was driven by weather and a tight supply demand balance despite falling prices for both coal and oil. This morning, the system is a touch long, which on the face of it would seem pretty neutral.
- Market Comments March
Thursday 1st March 2018 - National Grid have issued a system deficit warning for today as there isn’t enough gas coming into the system to meet demand. Over the course of the day they will be using numerous strategies to combat the shortfall. This has resulted in high prices for today and tomorrow. Whilst this is pretty dramatic in the short-term, pricing for the rest of the curve is only slightly up reflecting the view that once the cold weather disappears all is well with the world.
Friday 2nd March 2018 - UK gas market was one for the record books yesterday, what began with a deficit warning by the National Grid ended with Within-Day gas trading at its highest level in 20 years clearing £3.50 while system balancing prices were almost £5. Temperatures have begun to warm slightly and demand is already receding, falling 26mcm from yesterday, the system is a mere 2mcm short and stocks in the UK remain half full which should help provide stability to prices at more reasonable levels. Gas prices are trading down this morning as the forecasted warm-up is confirmed into the weekend.
Monday 5th March 2018 - Gas prices gathered into the weekend as traders covered positions again in case of any bullish weather surprises or infrastructure outages over the weekend. Only spot prices came in lower but that was to be expected as temperatures had already begun to warm up. This morning, the system is 45mcm long as demand drops sharply, flows remain robust and a few LNG cargos are set to come to the UK, to replenish the decimated LNG storages.
Tuesday 6th March 2018 - Gas prices continued to fall yesterday from highs on Monday as temperatures continued to regulate as the Siberian cold recedes. Prices on the gas curves were unchanged after the day's trading ended. A reversal late in the session of both coal and oil kept gas from sliding into lower day on day. This morning, the system is again long despite a drop in flows across the interconnector and a reduction in wind power which should create a pick-up in spot demand for gas fired power. Curve prices are dealing slightly lower as warmer forecasts have been confirmed and spot prices continue to drift slightly lower.
Wednesday 7th March 2018 - Gas prices united yesterday as traders look past the 10-day forecasted warm-up to concerns that the back end of March could be colder than normal. Low temperatures coupled with low volumes in storage have pushed risk premium back into the market, add to that the news that Russia is ditching its supply deal with Ukraine and that is a powerful cocktail for the bulls. This morning, the system is long temperatures are set to warm, the back end of the forecasts look like they may be a touch below normal, coal is down and the API is reporting a large build in US crude stocks. All of this in the market is off slightly but the list of this to worry about and the volatility of the past couple weeks gives pause to big risk takers.
Thursday 8th March 2018 - Gas prices continued to sell down in the UK as temperatures warm up and demand wanes. On the curve prices held as traders remain fearful there could be another cold snap at the end of March. This morning, the system is long and forecasts are mostly unchanged. The market is up with coal and hedging interest for the summer and next winter amongst the already mentioned supply concerns.
Friday 9th March 2018 - Gas prices rallied yesterday as traders and regular buyers ran to cover short positions and build length prior to the weekend. Weather forecasts and meteorologists are warning of a cool down at the end of next week and there is a possibility of another blast of arctic cold, however the likelihood remains difficult to measure. The gas market retains only very limited flexibility in dealing with another prolonged bout of cold temperatures. This morning, the system is balanced, coal and oil are unchanged but the European gas and power markets continue to rally.
Monday 12th March 2018 - Gas prices continued to improve into the weekend as the certainty over the coming cold snap improved and gains were also made in oil and coal. This morning, the system is long a measly 5 mcm and the forecasted cool down has been confirmed in the market. The limited flexibility left in the system has meant that price remains one of the only drivers to increase supplies or slow demand. Additional supplies from LNG are too slow to come to Europe. Low storage stocks will mean flows will come only at high prices during the period of below normal temperatures.
Tuesday 13th March 2018 - Gas prices rocketed right at the start of trading yesterday marking a strong start to the week. The gains were not driven by unevenness of shortness in the system, but by hedging and speculative buying ahead of the cold snap that will take place this coming weekend and early next week. Gas prices traded higher while major rivals, coal and oil were dealt lower opening more competition between coal and gas for use in power generation. This morning, prices are up slightly as forecasts are mostly unchanged, a warm-up is evident in the forecasts, if correct the duration will be shorter than the previous blast of arctic air.
Wednesday 14th March 2018 - Gas prices fell yesterday, on the back of system length and weather forecasts showing a warm-up after the 5-day period. Today the system is again long, reductions in Norwegian production have been restored and weather forecasts have been revised warmer in the back-end of the outlook. In addition, to a retracement in gas prices, power prices are down across Europe and the UK falling on the moderating temperatures increasing wind output and a drop in coal prices in early trade action. Despite the return to normal temperatures, traders will continue to watch the weather closely until winter is over on account of very low flexibility.
Thursday 15th March 2018 - Gas prices fell yesterday as market bears regained some control from the bulls after forecasts showed this weekend's winter wonderland would be followed by a return to more normal conditions. Spot and front month were most effected by the changes in forecasts falling in the UK 7p and 3p respectively. Forecasts are unchanged from yesterday; coal and power are trading slightly lower which will put some pressure on gas.
Friday 16th March 2018 - Gas prices rallied yesterday, driven by the spot as traders picked up a bit more gas ahead of the cold snap to hit over the weekend. This morning, the market is up as traders bid up spot prices ahead of the weekend. the latest forecasts look a little cooler ate the end of the forward 15-day period, oil and coal prices are mostly unchanged while power prices across Europe and the UK are up, mostly from the front and the spot. The cold weather is expected to be coupled with good renewables generation which may take some of the sting out of the increased demand.
Monday 19th March 2018 - Gas prices repeated on Friday, despite the cold weather as the market appeared to have added a bit too much risk premium to the coming temperature event. This morning, the system has opened almost 40cm long as the fear of not having enough gas has turned into the reality of having a surplus on the coldest day of the forecast. Contracts are trading around flat to the close this morning, with only the Day-Ahead contract trading down in early action.
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