Marketing reports - Gas - Energycentric

LIVE GRAPH Gas price evolution

Please use the graph below to select your date range(s) to and from. You can also export the data using the graph’s icon top right.

View by Date Range:

Date	Price
10/08/2015	40.74
11/08/2015	41.43
12/08/2015	40.38
13/08/2015	40.43
14/08/2015	40.63
17/08/2015	40.11
18/08/2015	39.80
19/08/2015	38.46
20/08/2015	37.78
21/08/2015	37.83
24/08/2015	36.81
25/08/2015	37.36
26/08/2015	38.28
27/08/2015	38.38
28/08/2015	38.25
01/09/2015	40.03
02/09/2015	40.91
03/09/2015	41.38
04/09/2015	41.78
07/09/2015	42.06
08/09/2015	41.80
09/09/2015	41.45
10/09/2015	41.35
11/09/2015	41.71
14/09/2015	41.88
15/09/2015	41.28
16/09/2015	41.68
17/09/2015	41.36
18/09/2015	40.70
21/09/2015	40.48
22/09/2015	40.75
23/09/2015	41.06
24/09/2015	40.88
25/09/2015	41.00
28/09/2015	40.00
29/09/2015	40.05
30/09/2015	39.36
01/10/2015	38.98
02/10/2015	38.21
05/10/2015	39.05
06/10/2015	40.18
07/10/2015	40.15
08/10/2015	41.10
09/10/2015	41.23
12/10/2015	40.18
13/10/2015	39.95
14/10/2015	39.73
15/10/2015	39.80
16/10/2015	40.05
19/10/2015	41.40
20/10/2015	40.13
21/10/2015	40.19
22/10/2015	39.71
23/10/2015	39.15
26/10/2015	38.58
27/10/2015	38.50
28/10/2015	38.70
29/10/2015	38.30
30/10/2015	37.01
02/11/2015	37.09
03/11/2015	36.80
04/11/2015	36.71
05/11/2015	35.00
06/11/2015	35.15
09/11/2015	34.35
10/11/2015	34.18
11/11/2015	33.55
12/11/2015	34.25
13/11/2015	32.25
16/11/2015	34.55
17/11/2015	35.18
18/11/2015	36.05
19/11/2015	37.28
20/11/2015	37.03
23/11/2015	37.38
24/11/2015	37.08
25/11/2015	37.41
26/11/2015	37.45
27/11/2015	37.03
30/11/2015	38.20
01/12/2015	38.00
02/12/2015	38.03
03/12/2015	37.46
04/12/2015	37.70
07/12/2015	36.60
08/12/2015	36.86
09/12/2015	36.39
10/12/2015	36.21
11/12/2015	35.51
14/12/2015	34.70
15/12/2015	34.20
16/12/2015	33.33
17/12/2015	31.95
18/12/2015	31.58
21/12/2015	31.75
22/12/2015	31.65
23/12/2015	30.48
24/12/2015	30.85
29/12/2015	32.73
30/12/2015	32.58
31/12/2015	32.51
04/01/2016	32.58
05/01/2016	33.23
06/01/2016	34.55
07/01/2016	34.93
08/01/2016	33.70
11/01/2016	33.70
12/01/2016	32.55
13/01/2016	33.38
14/01/2016	32.35
15/01/2016	32.23
18/01/2016	32.70
19/01/2016	32.63
20/01/2016	30.70
21/01/2016	29.60
22/01/2016	30.59
25/01/2016	29.33
26/01/2016	29.60
27/01/2016	30.55
28/01/2016	31.29
29/01/2016	30.43
01/02/2016	29.68
02/02/2016	29.83
03/02/2016	29.43
04/02/2016	28.68
05/02/2016	28.70
08/02/2016	29.26
09/02/2016	29.23
10/02/2016	28.98
11/02/2016	29.00
12/02/2016	29.68
15/02/2016	29.76
16/02/2016	30.15
17/02/2016	30.35
18/02/2016	29.45
19/02/2016	28.78
22/02/2016	30.23
23/02/2016	30.54
24/02/2016	30.43
25/02/2016	30.05
26/02/2016	30.35
29/02/2016	30.36
01/03/2016	30.60
02/03/2016	30.33
03/03/2016	30.85
04/03/2016	30.13
07/03/2016	30.06
08/03/2016	30.23
09/03/2016	29.84
10/03/2016	29.55
11/03/2016	29.35
14/03/2016	29.45
15/03/2016	30.01
16/03/2016	29.98
17/03/2016	30.05
18/03/2016	29.70
21/03/2016	28.93
22/03/2016	28.56
23/03/2016	29.16
24/03/2016	29.10
29/03/2016	28.63
30/03/2016	28.73
31/03/2016	29.38
01/04/2016	28.55
04/04/2016	27.85
05/04/2016	27.69
06/04/2016	27.86
07/04/2016	27.63
08/04/2016	27.60
11/04/2016	27.16
12/04/2016	27.65
13/04/2016	27.78
14/04/2016	27.93
15/04/2016	28.08
18/04/2016	28.90
19/04/2016	29.10
20/04/2016	28.70
21/04/2016	30.63
22/04/2016	31.70
25/04/2016	31.58
26/04/2016	34.75
27/04/2016	34.48
28/04/2016	31.55
29/04/2016	31.20
03/05/2016	29.05
04/05/2016	28.36
05/05/2016	29.35
06/05/2016	29.68
09/05/2016	30.58
10/05/2016	30.18
11/05/2016	30.68
12/05/2016	30.43
13/05/2016	30.29
16/05/2016	30.99
17/05/2016	30.81
18/05/2016	30.40
19/05/2016	29.50
20/05/2016	30.06
23/05/2016	29.98
24/05/2016	29.54
25/05/2016	29.50
26/05/2016	30.99
27/05/2016	31.89
31/05/2016	33.73
01/06/2016	34.34
02/06/2016	35.25
03/06/2016	34.63
06/06/2016	35.66
07/06/2016	35.20
08/06/2016	33.58
09/06/2016	33.68
10/06/2016	33.25
13/06/2016	32.84
14/06/2016	33.70
15/06/2016	33.33
16/06/2016	34.26
17/06/2016	34.41
20/06/2016	35.08
21/06/2016	34.40
22/06/2016	33.59
23/06/2016	33.65
24/06/2016	34.80
27/06/2016	34.70
28/06/2016	33.64
29/06/2016	34.63
30/06/2016	33.83
01/07/2016	33.73
04/07/2016	34.48
05/07/2016	33.95
06/07/2016	34.13
07/07/2016	34.18
08/07/2016	33.40
11/07/2016	33.31
12/07/2016	33.85
13/07/2016	33.30
14/07/2016	32.78
15/07/2016	32.48
18/07/2016	33.60
19/07/2016	33.93
20/07/2016	34.63
21/07/2016	35.73
22/07/2016	35.95
25/07/2016	36.93
26/07/2016	36.35
27/07/2016	36.00
28/07/2016	35.00
29/07/2016	34.55
01/08/2016	34.08
02/08/2016	33.83
03/08/2016	33.26
04/08/2016	34.76
05/08/2016	33.15
08/08/2016	33.23
09/08/2016	33.23
10/08/2016	32.73
11/08/2016	32.16
12/08/2016	30.75
15/08/2016	29.43
16/08/2016	30.10
17/08/2016	29.50
18/08/2016	29.10
19/08/2016	27.05
22/08/2016	28.66
23/08/2016	29.53
24/08/2016	27.98
25/08/2016	28.25
26/08/2016	28.80
30/08/2016	26.85
31/08/2016	23.00
01/09/2016	21.33
02/09/2016	25.33
05/09/2016	27.78
06/09/2016	27.40
07/09/2016	24.38
08/09/2016	23.88
09/09/2016	23.28
12/09/2016	20.51
13/09/2016	22.08
14/09/2016	21.15
15/09/2016	26.05
16/09/2016	28.68
19/09/2016	31.85
20/09/2016	29.93
21/09/2016	32.01
22/09/2016	33.03
23/09/2016	33.90
26/09/2016	34.01
27/09/2016	32.83
28/09/2016	33.91
29/09/2016	35.78
30/09/2016	34.90
03/10/2016	32.30
04/10/2016	35.73
05/10/2016	37.35
06/10/2016	40.51
07/10/2016	41.00
10/10/2016	41.03
11/10/2016	42.03
12/10/2016	41.50
13/10/2016	42.18
14/10/2016	42.35
17/10/2016	43.03
18/10/2016	44.68
19/10/2016	45.01
20/10/2016	46.13
21/10/2016	45.55
24/10/2016	46.49
25/10/2016	47.46
26/10/2016	46.22
27/10/2016	46.25
28/10/2016	45.58
31/10/2016	46.98
01/11/2016	49.78
02/11/2016	52.42
03/11/2016	50.80
04/11/2016	49.80
07/11/2016	49.43
08/11/2016	48.75
09/11/2016	48.95
10/11/2016	49.00
11/11/2016	48.30
14/11/2016	48.25
15/11/2016	46.35
16/11/2016	47.50
17/11/2016	46.90
18/11/2016	48.20
21/11/2016	46.60
22/11/2016	46.90
23/11/2016	47.50
24/11/2016	46.90
25/11/2016	47.75
28/11/2016	48.30
29/11/2016	49.50
30/11/2016	48.60
01/12/2016	49.35
02/12/2016	49.00
05/12/2016	47.00
06/12/2016	44.60
07/12/2016	43.75
08/12/2016	42.20
09/12/2016	44.00
12/12/2016	44.35
13/12/2016	44.20
14/12/2016	44.25
15/12/2016	45.50
16/12/2016	45.25
19/12/2016	45.25
20/12/2016	45.95
21/12/2016	45.60
22/12/2016	46.00
23/12/2016	48.00
27/12/2016	46.30
28/12/2016	46.35
29/12/2016	48.80
30/12/2016	49.30
03/01/2017	48.20
04/01/2017	50.10
05/01/2017	51.00
06/01/2017	50.60
09/01/2017	50.80
10/01/2017	52.75
11/01/2017	55.50
12/01/2017	56.25
13/01/2017	54.40
16/01/2017	53.30
17/01/2017	55.00
18/01/2017	53.40
19/01/2017	55.20
20/01/2017	54.75
23/01/2017	55.75
24/01/2017	56.50
25/01/2017	55.25
26/01/2017	53.00
27/01/2017	51.20
30/01/2017	52.12
31/01/2017	55.95
01/02/2017	57.20
02/02/2017	58.45
03/02/2017	61.25
06/02/2017	60.00
07/02/2017	59.30
08/02/2017	55.60
09/02/2017	55.50
10/02/2017	52.70
13/02/2017	52.00
14/02/2017	50.15
15/02/2017	48.80
16/02/2017	50.50
17/02/2017	48.35
20/02/2017	47.95
21/02/2017	46.95
22/02/2017	45.50
23/02/2017	47.50
24/02/2017	46.00
27/02/2017	45.95
28/02/2017	45.60
01/03/2017	43.85
02/03/2017	44.90
03/03/2017	43.30
06/03/2017	42.45
07/03/2017	43.75
08/03/2017	42.20
09/03/2017	42.10
10/03/2017	42.30
13/03/2017	41.00
14/03/2017	41.40
15/03/2017	41.85
16/03/2017	41.75
17/03/2017	41.50
20/03/2017	41.20
21/03/2017	41.45
22/03/2017	39.85
23/03/2017	40.12
24/03/2017	39.15
27/03/2017	38.10
28/03/2017	38.20
29/03/2017	38.15
30/03/2017	39.85
31/03/2017	40.00
03/04/2017	40.25
04/04/2017	41.50
05/04/2017	41.00
06/04/2017	41.00
07/04/2017	40.85
10/04/2017	39.70
11/04/2017	38.65
12/04/2017	38.70
13/04/2017	39.00
18/04/2017	39.40
19/04/2017	39.80
20/04/2017	39.00
21/04/2017	39.40
24/04/2017	41.00
25/04/2017	40.50
26/04/2017	40.50
27/04/2017	41.50
28/04/2017	40.75
02/05/2017	42.00
03/05/2017	42.50
04/05/2017	41.00
05/05/2017	41.50
08/05/2017	45.71
09/05/2017	43.25
10/05/2017	40.55
11/05/2017	39.65
12/05/2017	37.80
15/05/2017	39.50
16/05/2017	39.75
17/05/2017	40.40
18/05/2017	41.20
19/05/2017	39.00
22/05/2017	36.85
23/05/2017	36.75
24/05/2017	37.90
25/05/2017	36.40
26/05/2017	36.50
30/05/2017	37.75
31/05/2017	37.00
01/06/2017	37.55
02/06/2017	36.60
05/06/2017	37.20
06/06/2017	36.15
07/06/2017	36.50
08/06/2017	37.20
09/06/2017	37.50
12/06/2017	36.85
13/06/2017	33.75
14/06/2017	34.40
15/06/2017	25.25
16/06/2017	30.00
19/06/2017	33.00
20/06/2017	33.25
21/06/2017	35.30
22/06/2017	35.35
23/06/2017	36.00
26/06/2017	37.00
27/06/2017	37.15
28/06/2017	38.10
29/06/2017	39.25
30/06/2017	35.75
03/07/2017	37.50
04/07/2017	37.50
05/07/2017	37.50
06/07/2017	37.25
07/07/2017	36.40
10/07/2017	36.25
11/07/2017	34.90
12/07/2017	34.40
13/07/2017	33.20
14/07/2017	33.00
17/07/2017	33.70
18/07/2017	35.90
19/07/2017	34.80
20/07/2017	36.25
21/07/2017	37.30
24/07/2017	36.60
25/07/2017	36.50
26/07/2017	37.75
27/07/2017	38.18
28/07/2017	38.40
31/07/2017	39.45
01/08/2017	38.70
02/08/2017	37.70
03/08/2017	38.25
04/08/2017	39.60
07/08/2017	41.50
08/08/2017	41.30
09/08/2017	42.00
10/08/2017	42.20
11/08/2017	42.20
14/08/2017	42.20
15/08/2017	41.50
16/08/2017	42.25
17/08/2017	43.40
18/08/2017	44.00
21/08/2017	45.10
22/08/2017	43.90
23/08/2017	44.00
24/08/2017	45.40
25/08/2017	44.50
29/08/2017	44.85
30/08/2017	46.38
31/08/2017	45.10
01/09/2017	45.20
04/09/2017	45.00
05/09/2017	45.95
06/09/2017	45.50
07/09/2017	46.00
08/09/2017	46.05
11/09/2017	46.50
12/09/2017	47.10
13/09/2017	47.00
14/09/2017	47.55
15/09/2017	47.20
18/09/2017	47.50
19/09/2017	46.75
20/09/2017	46.45
21/09/2017	45.25
22/09/2017	44.50
25/09/2017	45.00
26/09/2017	47.30
27/09/2017	45.40
28/09/2017	47.10
29/09/2017	45.05
02/10/2017	44.00
03/10/2017	44.70
04/10/2017	46.25
05/10/2017	47.75
06/10/2017	47.30
09/10/2017	49.00
10/10/2017	48.45
11/10/2017	45.00
12/10/2017	43.40
13/10/2017	43.70
16/10/2017	44.00
17/10/2017	45.00
18/10/2017	45.00
19/10/2017	44.75
20/10/2017	46.00
23/10/2017	44.65
24/10/2017	44.40
25/10/2017	46.60
26/10/2017	46.40
27/10/2017	45.65
30/10/2017	46.50
31/10/2017	48.20
01/11/2017	48.50
02/11/2017	48.40
03/11/2017	49.50
06/11/2017	49.90
07/11/2017	51.70
08/11/2017	51.10
09/11/2017	51.75
10/11/2017	52.75
13/11/2017	53.60
14/11/2017	53.20
15/11/2017	51.75
16/11/2017	52.30
17/11/2017	51.75
20/11/2017	52.45
21/11/2017	53.15
22/11/2017	53.50
23/11/2017	54.45
24/11/2017	56.90
27/11/2017	57.25
28/11/2017	56.90
29/11/2017	56.90
30/11/2017	55.43
01/12/2017	57.10
04/12/2017	59.15
05/12/2017	58.75
06/12/2017	56.25
07/12/2017	58.55
08/12/2017	58.20
11/12/2017	61.05
12/12/2017	80.10
13/12/2017	67.00
14/12/2017	59.90
15/12/2017	60.85
18/12/2017	60.25
19/12/2017	59.10
20/12/2017	58.35
21/12/2017	57.50
22/12/2017	57.00
27/12/2017	55.35
28/12/2017	55.65
29/12/2017	55.95
02/01/2018	53.50
03/01/2018	52.50
04/01/2018	52.30
05/01/2018	53.20
08/01/2018	53.20
09/01/2018	53.48
10/01/2018	53.30
11/01/2018	53.25
12/01/2018	53.98
15/01/2018	52.00
16/01/2018	52.40
17/01/2018	50.85
18/01/2018	49.80
19/01/2018	49.85
22/01/2018	49.20
23/01/2018	49.35
24/01/2018	48.60
25/01/2018	48.25
26/01/2018	48.20
29/01/2018	47.90
30/01/2018	47.80
31/01/2018	49.30
01/02/2018	49.00
02/02/2018	52.20
05/02/2018	50.95
06/02/2018	49.90
07/02/2018	48.35
08/02/2018	50.75
09/02/2018	50.20
12/02/2018	49.90
13/02/2018	52.25
14/02/2018	50.90
15/02/2018	49.95
16/02/2018	50.20
19/02/2018	53.70
20/02/2018	56.50
21/02/2018	58.30
22/02/2018	61.50
23/02/2018	78.90
26/02/2018	65.00
27/02/2018	74.50
28/02/2018	55.25
01/03/2018	115.00
02/03/2018	86.00
05/03/2018	53.00
06/03/2018	54.00
07/03/2018	53.40
08/03/2018	51.70
09/03/2018	53.30
12/03/2018	80.00
13/03/2018	67.00
14/03/2018	64.50
15/03/2018	61.00
16/03/2018	77.00
19/03/2018	55.00
20/03/2018	56.10
21/03/2018	58.00
22/03/2018	55.40
23/03/2018	53.90
26/03/2018	51.75
27/03/2018	49.10
28/03/2018	50.70
29/03/2018	51.00
03/04/2018	49.00
04/04/2018	49.50
05/04/2018	48.80
06/04/2018	49.00
09/04/2018	49.50
10/04/2018	50.10
11/04/2018	51.25
12/04/2018	52.50
13/04/2018	52.00
16/04/2018	51.20
17/04/2018	49.50
18/04/2018	49.10
19/04/2018	50.50
20/04/2018	51.80
23/04/2018	51.40
24/04/2018	51.70
25/04/2018	51.20
26/04/2018	52.20
27/04/2018	52.30
30/04/2018	52.60
01/05/2018	54.45
02/05/2018	54.20
03/05/2018	53.00
04/05/2018	51.75
08/05/2018	53.50
09/05/2018	54.35
10/05/2018	53.85
11/05/2018	53.80
14/05/2018	54.75
15/05/2018	56.50
16/05/2018	55.55
17/05/2018	57.70
18/05/2018	56.70
21/05/2018	56.00
22/05/2018	58.90
23/05/2018	58.63
24/05/2018	59.10
25/05/2018	57.20
29/05/2018	56.90
30/05/2018	59.75
31/05/2018	59.45
01/06/2018	59.00
04/06/2018	56.75
05/06/2018	58.90
06/06/2018	57.60
07/06/2018	57.00
08/06/2018	57.90
11/06/2018	55.65
12/06/2018	54.20
13/06/2018	55.25
14/06/2018	58.25
15/06/2018	56.75
18/06/2018	54.75
19/06/2018	55.25
20/06/2018	53.75
21/06/2018	52.45
22/06/2018	53.00
25/06/2018	53.50
26/06/2018	52.50
27/06/2018	54.60
28/06/2018	55.10
29/06/2018	53.70
02/07/2018	55.00
03/07/2018	56.70
04/07/2018	56.85
05/07/2018	56.00
06/07/2018	58.05
09/07/2018	58.60
10/07/2018	59.80
11/07/2018	58.20
12/07/2018	58.00
13/07/2018	57.55
16/07/2018	59.20
17/07/2018	57.80
18/07/2018	57.80
19/07/2018	58.75
20/07/2018	58.30
23/07/2018	58.80
24/07/2018	58.45
25/07/2018	58.70
26/07/2018	57.90
27/07/2018	57.60
30/07/2018	57.90
31/07/2018	58.00
01/08/2018	57.80
02/08/2018	58.40
03/08/2018	58.70
06/08/2018	59.05
07/08/2018	59.10
08/08/2018	60.05
09/08/2018	58.80
10/08/2018	58.60
13/08/2018	60.80
14/08/2018	62.25
15/08/2018	60.55
16/08/2018	60.60
17/08/2018	62.10
20/08/2018	62.70
21/08/2018	65.85
22/08/2018	65.00
23/08/2018	65.55
24/08/2018	66.80
28/08/2018	68.55
29/08/2018	68.35
30/08/2018	70.70
31/08/2018	70.60
03/09/2018	70.60
04/09/2018	71.80
05/09/2018	72.50
06/09/2018	73.90
07/09/2018	74.85
10/09/2018	76.15
11/09/2018	75.35
12/09/2018	73.35
13/09/2018	72.10
14/09/2018	70.55
17/09/2018	72.90
18/09/2018	72.45
19/09/2018	71.60
20/09/2018	76.25
21/09/2018	75.85
24/09/2018	80.00
25/09/2018	79.55
26/09/2018	76.85
27/09/2018	75.10
28/09/2018	73.60
01/10/2018	68.10
02/10/2018	72.50
03/10/2018	70.85
04/10/2018	70.75
05/10/2018	70.50
08/10/2018	70.10
09/10/2018	68.80
10/10/2018	67.30
11/10/2018	63.25
12/10/2018	64.60
15/10/2018	70.10
16/10/2018	68.10
17/10/2018	64.60
18/10/2018	67.40
19/10/2018	68.10
22/10/2018	67.35
23/10/2018	64.60
24/10/2018	66.05
25/10/2018	64.30
26/10/2018	66.60
29/10/2018	64.80
30/10/2018	65.30
31/10/2018	65.10
01/11/2018	62.10
02/11/2018	61.60
05/11/2018	59.85
06/11/2018	60.50
07/11/2018	62.30
08/11/2018	64.35
09/11/2018	63.50
12/11/2018	64.85
13/11/2018	66.10
14/11/2018	67.10
15/11/2018	71.10
16/11/2018	72.10
19/11/2018	64.10
20/11/2018	66.60
21/11/2018	65.85
22/11/2018	65.80
23/11/2018	67.00
26/11/2018	65.35
27/11/2018	64.60
28/11/2018	63.75
29/11/2018	63.60
30/11/2018	63.00
03/12/2018	66.80
04/12/2018	64.70
05/12/2018	63.70
06/12/2018	61.30
07/12/2018	61.10
10/12/2018	62.60
11/12/2018	64.00
12/12/2018	65.10
13/12/2018	66.40
14/12/2018	66.35
17/12/2018	67.10
18/12/2018	65.35
19/12/2018	65.80
20/12/2018	66.08
21/12/2018	67.10
24/12/2018	66.40
27/12/2018	64.03
28/12/2018	63.70
31/12/2018	61.50
02/01/2019	60.30
03/01/2019	61.00
04/01/2019	60.85
07/01/2019	56.85
08/01/2019	59.60
09/01/2019	60.50
10/01/2019	57.20
11/01/2019	59.55
14/01/2019	57.85
15/01/2019	58.05
16/01/2019	60.10
17/01/2019	61.85
18/01/2019	62.40
21/01/2019	59.10
22/01/2019	59.10
23/01/2019	60.20
24/01/2019	57.85
25/01/2019	55.35
28/01/2019	55.00
29/01/2019	54.53
30/01/2019	55.90
31/01/2019	53.35
01/02/2019	52.45
04/02/2019	50.35
05/02/2019	51.30
06/02/2019	50.50
07/02/2019	50.70
08/02/2019	49.40
11/02/2019	47.60
12/02/2019	47.80
13/02/2019	47.20
14/02/2019	48.20
15/02/2019	46.90
18/02/2019	47.30
19/02/2019	45.45
20/02/2019	45.45
21/02/2019	46.00
22/02/2019	44.80
25/02/2019	44.10
26/02/2019	44.55
27/02/2019	44.85
28/02/2019	45.20
01/03/2019	44.55
04/03/2019	43.70
05/03/2019	43.95
06/03/2019	43.20
07/03/2019	42.85
08/03/2019	43.10
11/03/2019	42.70
12/03/2019	41.60
13/03/2019	40.25
14/03/2019	39.40
15/03/2019	39.60
18/03/2019	38.00
19/03/2019	38.35
20/03/2019	37.05
21/03/2019	37.50
22/03/2019	37.10
25/03/2019	36.50
26/03/2019	36.30
27/03/2019	37.05
28/03/2019	37.30
29/03/2019	35.85
01/04/2019	35.10
02/04/2019	33.10
03/04/2019	31.60
04/04/2019	33.50
05/04/2019	38.35
08/04/2019	39.50
09/04/2019	42.60
10/04/2019	45.00
11/04/2019	39.10
12/04/2019	39.60
15/04/2019	37.85
16/04/2019	36.50
17/04/2019	35.10
18/04/2019	35.10
23/04/2019	28.85
24/04/2019	31.10
25/04/2019	32.35
26/04/2019	34.10
29/04/2019	33.10
30/04/2019	34.40
01/05/2019	33.10
02/05/2019	34.35
03/05/2019	34.50
07/05/2019	34.25
08/05/2019	33.20
09/05/2019	37.30
10/05/2019	38.35
13/05/2019	33.05
14/05/2019	32.00
15/05/2019	32.10
16/05/2019	32.10
17/05/2019	30.60
20/05/2019	31.85
21/05/2019	30.10
22/05/2019	30.70
23/05/2019	29.00
24/05/2019	30.60
28/05/2019	30.60
29/05/2019	30.00
30/05/2019	28.50
31/05/2019	28.10
03/06/2019	25.60
04/06/2019	27.30
05/06/2019	29.10
06/06/2019	27.85
07/06/2019	28.95
10/06/2019	29.85
11/06/2019	30.65
12/06/2019	28.70
13/06/2019	30.10
14/06/2019	28.85
17/06/2019	29.50
18/06/2019	31.30
19/06/2019	28.85
20/06/2019	28.50
21/06/2019	26.35
24/06/2019	28.30
25/06/2019	26.60
26/06/2019	25.25
27/06/2019	25.60
28/06/2019	23.75
01/07/2019	25.60
02/07/2019	28.60
03/07/2019	27.60
04/07/2019	27.50
05/07/2019	27.85
08/07/2019	30.60
09/07/2019	33.10
10/07/2019	31.40
11/07/2019	35.85
12/07/2019	34.95
15/07/2019	38.50
16/07/2019	34.40
17/07/2019	30.83
18/07/2019	30.30
19/07/2019	30.05
22/07/2019	29.80
23/07/2019	27.80
24/07/2019	28.80
25/07/2019	27.95
26/07/2019	27.80
29/07/2019	27.60
30/07/2019	27.30
31/07/2019	29.35
01/08/2019	31.10
02/08/2019	31.50
05/08/2019	30.60
06/08/2019	27.60
07/08/2019	27.30
08/08/2019	25.95
09/08/2019	28.60
12/08/2019	30.95
13/08/2019	30.80
14/08/2019	28.80
15/08/2019	27.10
16/08/2019	27.20
19/08/2019	27.10
20/08/2019	28.10
21/08/2019	29.10
22/08/2019	29.10
23/08/2019	29.60
27/08/2019	28.60
28/08/2019	28.30
29/08/2019	27.30
30/08/2019	28.00
02/09/2019	24.10
03/09/2019	19.60
04/09/2019	20.10
05/09/2019	19.30
06/09/2019	23.10
09/09/2019	28.10
10/09/2019	26.10
11/09/2019	28.35
12/09/2019	28.35
13/09/2019	30.80
16/09/0219	31.93
17/09/2019	30.60
18/09/2019	26.60
19/09/2019	26.85
20/09/2019	23.90
23/09/2019	25.85
24/09/2019	26.60
25/09/2019	25.60
26/09/2019	25.60
30/09/2019	25.90
01/10/2019	25.50
02/10/2019	26.60
03/10/2019	29.60
04/10/2019	34.10
07/10/2019	24.60
08/10/2019	26.75
09/10/2019	24.50
10/10/2019	21.60
11/10/2019	25.10
14/10/2019	27.60
15/10/2019	30.45
16/10/2019	28.30
17/10/2019	26.50
18/10/2019	29.25
21/10/2019	26.85
22/10/2019	25.10
23/10/2019	27.10
24/10/2019	26.30
25/10/2019	30.90
28/10/2019	28.85
29/10/2019	26.10
30/10/2019	25.10
31/10/2019	21.85
01/11/2019	29.10
04/11/2019	30.50
05/11/2019	35.60
06/11/2019	34.90
07/11/2019	36.60
08/11/2019	39.10
11/11/2019	39.30
12/11/2019	38.35
13/11/2019	39.10
14/11/2019	38.85
15/11/2019	38.60
18/11/2019	39.10
19/11/2019	38.50
20/11/2019	39.10
21/11/2019	40.35
22/11/2019	41.95
25/11/2019	42.35
26/11/2019	42.00
27/11/2019	42.10
28/11/2019	42.10
29/11/2019	42.60
02/12/2019	40.00
03/12/2019	38.55
04/12/2019	34.10
05/12/2019	33.80
06/12/2019	30.85
10/12/2019	33.10
11/12/2019	33.10
12/12/2019	31.20
13/12/2019	33.00
16/12/2019	32.75
17/12/2019	33.50
18/12/2019	32.10
19/12/2019	32.35
20/12/2019	33.10
23/12/2019	31.20
24/12/2019	27.10
02/01/2020	28.60
03/01/2020	29.10
06/01/2020	29.80
07/01/2020	28.60
08/01/2020	28.35
09/01/2020	28.50
10/01/2020	29.35
13/01/2020	30.35
14/01/2020	30.25
15/01/2020	28.60
16/01/2020	29.80
17/01/2020	29.60
20/01/2020	28.00
21/01/2020	28.30
22/01/2020	27.55
23/01/2020	27.10
24/01/2020	27.45
27/01/2020	27.95
28/01/2020	28.10
29/01/2020	27.30
30/01/2020	25.80
31/01/2020	24.55
03/02/2020	25.60
04/02/2020	25.00
05/02/2020	25.50
06/02/2020	23.35
07/02/2020	22.95
10/02/2020	22.30
11/02/2020	22.30
12/02/2020	21.50
13/02/2020	20.00
14/02/2020	20.70
17/02/2020	21.60
18/02/2020	24.00
19/02/2020	23.93
20/02/2020	24.85
21/02/2020	22.85
24/02/2020	24.60
25/02/2020	24.10
26/02/2020	24.20
27/02/2020	25.10
28/02/2020	25.10
02/03/2020	25.70
03/03/2020	25.00
04/03/2020	25.10
05/03/2020	25.10
06/03/2020	24.85
09/03/2020	22.98
10/03/2020	23.20
11/03/2020	24.50
12/03/2020	24.50
13/03/2020	25.40
16/03/2020	25.50
17/03/2020	24.00
18/03/2020	23.85
19/03/2020	24.75
20/03/2020	24.10
23/03/2020	22.60
24/03/2020	22.35
25/03/2020	22.10
26/03/2020	21.80
27/03/2020	19.35
30/03/2020	20.05
31/03/2020	18.55
01/04/2020	16.95
02/04/2020	18.60
03/04/2020	16.10
06/04/2020	16.45
07/04/2020	16.80
08/04/2020	16.60
09/04/2020	16.30
14/04/2020	16.35
15/04/2020	14.90
16/04/2020	14.60
17/04/2020	14.10
20/04/2020	12.55
21/04/2020	9.85
22/04/2020	10.35
23/04/2020	14.00
24/04/2020	11.50
27/04/2020	12.70
28/04/2020	13.05
29/04/2020	14.45
30/04/2020	13.53
01/05/2020	13.55
04/05/2020	14.05
05/05/2020	14.30
06/05/2020	14.10
07/05/2020	14.60
11/05/2020	14.00
12/05/2020	13.60
13/05/2020	12.80
14/05/2020	13.08
15/05/2020	12.85
18/05/2020	13.05
19/05/2020	11.60
20/05/2020	11.30
21/05/2020	9.80
22/05/2020	9.00
26/05/2020	11.50
27/05/2020	9.35
28/05/2020	9.30
29/05/2020	9.10
01/06/2020	8.30
02/06/2020	9.55
03/06/2020	11.50
04/06/2020	11.50
05/06/2020	12.80
08/06/2020	13.50
09/06/2020	12.70
10/06/2020	11.20
11/06/2020	11.10
12/06/2020	13.10
15/06/2020	14.85
16/06/2020	14.80
17/06/2020	13.80
18/06/2020	14.10
19/06/2020	14.30
22/06/2020	13.90
23/06/2020	14.38
24/06/2020	15.00
25/06/2020	14.60
26/06/2020	13.50
29/06/2020	14.20
30/06/2020	16.60
01/07/2020	16.35
02/07/2020	15.30
03/07/2020	14.30
06/07/2020	14.70
07/07/2020	15.40
08/07/2020	15.55
09/07/2020	14.60
10/07/2020	13.75
13/07/2020	13.58
14/07/2020	13.00
15/07/2020	14.05
16/07/2020	12.80
17/07/2020	13.60
20/07/2020	13.00
21/07/2020	13.30
22/07/2020	13.15
23/07/2020	13.30
24/07/2020	13.55
27/07/2020	13.10
28/07/2020	13.10
29/07/2020	13.30
30/07/2020	13.10
31/07/2020	13.90
03/08/2020	15.10
04/08/2020	17.00
05/08/2020	16.80
06/08/2020	17.08
07/08/2020	19.58
08/08/2020	21.35
11/08/2020	20.25
12/08/2020	19.50
13/08/2020	19.10
14/08/2020	18.60
17/08/2020	21.10
18/08/2020	21.10
19/08/2020	22.85
20/08/2020	21.00
21/08/2020	20.10
24/08/2020	21.05
25/08/2020	22.40
26/08/2020	24.50
27/08/2020	24.90
28/08/2020	27.00
01/09/2020	29.00
02/09/2020	28.15
03/09/2020	28.00
04/09/2020	30.35
07/09/2020	29.50
08/09/2020	29.10
09/09/2020	28.50
10/09/2020	28.05
11/09/2020	27.75
14/09/2020	27.60
15/09/2020	28.75
16/09/2020	30.00
17/09/2020	30.45
18/09/2020	29.50
21/09/2020	31.00
22/09/2020	30.10
23/09/2020	32.60
24/09/2020	32.00
25/09/2020	31.53
28/09/2020	33.80
29/09/2020	35.00
30/09/2020	33.85
01/10/2020	33.00
02/10/2020	32.60
05/10/2020	36.80
06/10/2020	35.90
07/10/2020	36.75
08/10/2020	37.75
09/10/2020	38.50
12/10/2020	37.20
13/10/2020	38.35
14/10/2020	38.50
15/10/2020	39.70
16/10/2020	39.95
19/10/2020	40.85
20/10/2020	40.00
21/10/2020	40.85
22/10/2020	40.60
23/10/2020	42.60
26/10/2020	41.30
27/10/2020	40.35
28/10/2020	40.90
29/10/2020	39.35
30/10/2020	37.85
02/11/2020	32.75
03/11/2020	37.00
04/11/2020	37.35
05/11/2020	39.10
06/11/2020	38.00
09/11/2020	38.60
10/11/2020	37.10
11/11/2020	36.60
12/11/2020	37.50
13/11/2020	37.20
16/11/2020	38.25
17/11/2020	37.00
18/11/2020	36.88
19/11/2020	36.70
20/11/2020	34.75
23/11/2020	36.00
24/11/2020	37.10
25/11/2020	40.10
26/11/2020	39.35
27/11/2020	41.70
30/11/2020	42.60
01/12/2020	43.85
02/12/2020	42.50
03/12/2020	42.10
04/12/2020	42.73
07/12/2020	41.10
08/12/2020	41.23
09/12/2020	41.25
10/12/2020	42.40
11/12/2020	42.80
14/12/2020	45.00
15/12/2020	47.35
16/12/2020	45.25
17/12/2020	44.35
18/12/2020	43.85
21/12/2020	45.85
22/12/2020	49.43
23/12/2020	49.50
04/01/2021	61.75
05/01/2021	57.10
06/01/2021	55.98
07/01/2021	57.60
08/01/2021	62.85
11/01/2021	64.35
12/01/2021	73.10
13/01/2021	72.10
14/01/2021	67.10
15/01/2021	63.58
18/01/2021	58.00
19/01/2021	56.00
20/01/2021	59.00
21/01/2021	57.00
22/01/2021	61.00
25/01/2021	62.10
26/01/2021	56.85
27/01/2021	52.25
28/01/2021	56.10
29/01/2021	59.10
01/02/2021	50.60
02/02/2021	50.30
03/02/2021	48.35
04/02/2021	49.60
05/02/2021	53.60
08/02/2021	57.93
09/02/2021	55.40
10/02/2021	53.75
11/02/2021	49.75
12/02/2021	46.60
15/02/2021	43.75
16/02/2021	42.50
17/02/2021	43.85
18/02/2021	43.00
19/02/2021	44.05
22/02/2021	40.80
23/02/2021	40.60
24/02/2021	40.45
25/02/2021	41.45
26/02/2021	41.35
01/03/2021	42.90
02/03/2021	43.70
03/03/2021	43.75
04/03/2021	44.75
05/03/2021	44.70
08/03/2021	45.35
09/03/2021	43.50
10/03/2021	44.90
11/03/2021	45.65
12/03/2021	47.10
15/03/2021	46.85
16/03/2021	44.20
17/03/2021	43.50
18/03/2021	46.60
19/03/2021	43.85
22/03/2021	43.50
23/03/2021	44.10
24/03/2021	46.90
25/03/2021	46.30
26/03/2021	46.60
29/03/2021	45.85
30/03/2021	46.35
31/03/2021	48.85
01/04/2021	50.85
06/04/2021	51.85
07/04/2021	52.60
08/04/2021	53.35
09/04/2021	53.60
12/04/2021	55.40
13/04/2021	55.50
14/04/2021	55.90
15/04/2021	55.60
16/04/2021	56.90
19/04/2021	57.10
20/04/2021	56.10
21/04/2021	56.35
22/04/2021	56.60
23/04/2021	55.60
26/04/2021	55.60
27/04/2021	55.30
28/04/2021	59.60
29/04/2021	59.00
30/04/2021	61.35
04/05/2021	66.00
05/05/2021	65.50
06/05/2021	66.75
07/05/2021	62.00
10/05/2021	64.60
11/05/2021	64.80
12/05/2021	67.10
13/05/2021	66.60
14/05/2021	69.80
17/05/2021	67.85
18/05/2021	67.10
19/05/2021	62.85
20/05/2021	60.05
21/05/2021	66.10
24/05/2021	64.00
25/05/2021	65.10
26/05/2021	69.90
27/05/2021	66.50
28/05/2021	62.00
01/06/2021	63.60
02/06/2021	64.10
03/06/2021	64.20
04/06/2021	62.60
07/06/2021	63.60
08/06/2021	68.00
09/06/2021	69.10
10/06/2021	68.83
11/06/2021	69.58
14/06/2021	71.25
15/06/2021	70.75
16/06/2021	68.60
17/06/2021	68.75
18/06/2021	71.48
21/06/2021	75.85
22/06/2021	77.10
23/06/2021	79.08
24/06/2021	80.60
25/06/2021	81.48
28/06/2021	82.10
29/06/2021	81.50
30/06/2021	85.10
01/07/2021	92.55
02/07/2021	89.88
05/07/2021	92.85
06/07/2021	92.10
07/07/2021	85.50
08/07/2021	80.40
09/07/2021	91.10
12/07/2021	89.53
13/07/2021	84.60
14/07/2021	85.00
15/07/2021	84.50
16/07/2021	87.70
19/07/2021	91.60
20/07/2021	88.60
21/07/2021	90.00
22/07/2021	91.10
23/07/2021	90.30
26/07/2021	91.65
27/07/2021	96.00
28/07/2021	98.50
29/07/2021	102.90
30/07/2021	106.10
02/08/2021	108.10
03/08/2021	107.58
04/08/2021	105.60
05/08/2021	104.00
06/08/2021	109.50
09/08/2021	107.60
10/08/2021	111.00
11/08/2021	110.85
12/08/2021	110.85
13/08/2021	112.10
16/08/2021	114.00
17/08/2021	115.25
18/08/2021	117.25
19/08/2021	109.00
20/08/2021	104.00
23/08/2021	108.10
24/08/2021	108.60
25/08/2021	114.60
26/08/2021	112.60
27/08/2021	117.05
31/08/2021	123.00
01/09/2021	132.75
02/09/2021	127.00
03/09/2021	132.00
06/09/2021	135.50
07/09/2021	131.50
08/09/2021	135.60
09/09/2021	138.00
10/09/2021	138.50
13/09/2021	151.00
14/09/2021	169.00
15/09/2021	196.10
16/09/2021	175.10
17/09/2021	166.35
20/09/2021	175.00
21/09/2021	187.00
22/09/2021	177.10
23/09/2021	168.00
24/09/2021	166.00
27/09/2021	180.05
28/09/2021	178.10
29/09/2021	181.10
30/09/2021	205.10
01/10/2021	240.10
04/10/2021	210.00
05/10/2021	250.00
06/10/2021	350.00
07/10/2021	219.00
08/10/2021	240.00
11/10/2021	210.10
12/10/2021	212.10
13/10/2021	218.10
14/10/2021	245.10
15/10/2021	231.10
18/10/2021	214.00
19/10/2021	209.00
20/10/2021	216.25
21/10/2021	214.00
22/10/2021	212.00
25/10/2021	214.00
26/10/2021	212.60
27/10/2021	205.25
28/10/2021	187.10
29/10/2021	180.08
01/11/2021	178.00
02/11/2021	159.00
03/11/2021	179.00
04/11/2021	192.00
05/11/2021	188.00
08/11/2021	185.55
09/11/2021	185.10
10/11/2021	162.10
11/11/2021	167.50
12/11/2021	183.10
15/11/2021	192.00
16/11/2021	205.75
17/11/2021	245.10
18/11/2021	216.10
19/11/2021	227.60
22/11/2021	219.00
23/11/2021	227.00
24/11/2021	231.00
25/11/2021	232.88
26/11/2021	228.50
29/11/2021	240.10
30/11/2021	253.30
01/12/2021	238.10
02/12/2021	234.10
03/12/2021	232.10
06/12/2021	225.18
07/12/2021	240.50
08/12/2021	258.50
09/12/2021	252.00
10/12/2021	254.00
13/12/2021	285.10
14/12/2021	303.43
15/12/2021	314.80
16/12/2021	329.10
17/12/2021	337.10
20/12/2021	370.10
21/12/2021	405.00
22/12/2021	440.00
23/12/2021	364.98
24/12/2021	256.00
04/01/2022	208.00
05/01/2022	229.00
06/01/2022	234.00
07/01/2022	230.00
10/01/2022	208.10
11/01/2022	200.35
12/01/2022	197.10
13/01/2022	179.60
14/01/2022	221.60
17/01/2022	203.00
18/01/2022	189.00
19/01/2022	182.00
20/01/2022	172.00
21/01/2022	180.00
24/01/2022	204.05
25/01/2022	231.35
26/01/2022	214.10
27/01/2022	220.10
28/01/2022	220.10
31/01/2022	206.00
01/02/2022	180.00
02/02/2022	179.00
03/02/2022	180.00
04/02/2022	190.00
07/02/2022	183.10
08/02/2022	195.10
09/02/2022	182.10
10/02/2022	184.10
11/02/2022	174.10
14/02/2022	196.10
15/02/2022	181.73
16/02/2022	159.00
17/02/2022	175.00
18/02/2022	172.00
21/02/2022	167.10
22/02/2022	181.10
23/02/2022	200.00
24/02/2022	200.00
25/02/2022	261.10
28/02/2022	265.00
01/03/2022	256.00
02/03/2022	291.50
03/03/2022	410.00
04/03/2022	427.00
07/03/2022	620.00
08/03/2022	470.10
09/03/2022	425.10
10/03/2022	356.10
11/03/2022	280.10
14/03/2022	280.00
15/03/2022	295.10
16/03/2022	265.00
17/03/2022	240.00
18/03/2022	245.00
21/03/2022	235.00
22/03/2022	217.90
23/03/2022	239.00
24/03/2022	270.00
25/03/2022	260.00
28/03/2022	243.00
29/03/2022	273.10
30/03/2022	300.00
31/03/2022	302.00
01/04/2022	300.00
04/04/2022	254.10
05/04/2022	226.10
06/04/2022	235.10
07/04/2022	235.10
08/04/2022	241.10
11/04/2022	218.00
12/04/2022	206.10
13/04/2022	200.10
14/04/2022	179.00
19/04/2022	165.10
20/04/2022	167.10
21/04/2022	148.10
22/04/2022	165.10
25/04/2022	141.00
26/04/2022	142.00
27/04/2022	155.00
28/04/2022	127.00
29/04/2022	135.00
03/05/2022	140.10
04/05/2022	167.10
05/05/2022	166.10
06/05/2022	157.80
09/05/2022	129.99
10/05/2022	131.86
11/05/2022	149.56
12/05/2022	162.90
13/05/2022	154.25
16/05/2022	167.59
17/05/2022	192.10
18/05/2022	196.00
19/05/2022	183.35
20/05/2022	158.78
23/05/2022	139.80
24/05/2022	145.19
25/05/2022	138.60
26/05/2022	140.60
27/05/2022	138.10
30/05/2022	165.96
31/05/2022	169.00
01/06/2022	174.35
06/06/2022	159.95
07/06/2022	128.10
08/06/2022	128.07
09/06/2022	171.95
10/06/2022	151.50
13/06/2022	162.50
14/06/2022	156.50
15/06/2022	205.86
16/06/2022	254.98
17/06/2022	160.00
20/06/2022	190.10
21/06/2022	179.10
22/06/2022	199.10
23/06/2022	186.10
24/06/2022	175.10
27/06/2022	151.00
28/06/2022	154.00
29/06/2022	170.00
30/06/2022	167.99
01/07/2022	166.00
04/07/2022	215.10
05/07/2022	265.10
06/07/2022	172.50
07/07/2022	220.10
08/07/2022	225.10
11/07/2022	208.10
12/07/2022	254.00
13/07/2022	300.00
14/07/2022	260.00
15/07/2022	202.00
18/07/2022	180.10
19/07/2022	183.10
20/07/2022	227.10
21/07/2022	285.10
22/07/2022	280.10
25/07/2022	270.00
26/07/2022	320.00
27/07/2022	365.00
28/07/2022	340.00
29/07/2022	315.00
01/08/2022	285.10
02/08/2022	260.00
03/08/2022	288.00
04/08/2022	320.00
05/08/2022	330.00
08/08/2022	298.00
09/08/2022	286.00
10/08/2022	280.00
11/08/2022	329.00
12/08/2022	350.00
15/08/2022	370.00
16/08/2022	383.90
17/08/2022	400.00
18/08/2022	380.00
19/08/2022	380.00
22/08/2022	510.00
23/08/2022	485.00
24/08/2022	461.00
25/08/2022	564.00
26/08/2022	523.87
30/08/2022	477.50
31/08/2022	420.00
01/09/2022	315.00
02/09/2022	310.00
05/09/2022	370.00
06/09/2022	243.00
07/09/2022	180.00
08/09/2022	285.00
09/09/2022	350.00
12/09/2022	350.00
13/09/2022	327.00
14/09/2022	375.00
15/09/2022	395.00
16/09/2022	290.00
20/09/2022	250.00
21/09/2022	262.50
22/09/2022	249.00
23/09/2022	235.00
26/09/2022	190.00
27/09/2022	185.00
28/09/2022	219.00
29/09/2022	202.50
30/09/2022	200.00
03/10/2022	172.50
04/10/2022	130.00
05/10/2022	82.00
06/10/2022	150.00
07/10/2022	185.00
10/10/2022	180.00
11/10/2022	175.00
12/10/2022	187.00
13/10/2022	171.00
14/10/2022	127.50
17/10/2022	100.00
18/10/2022	51.15
19/10/2022	40.00
20/10/2022	66.00
21/10/2022	90.00
24/10/2022	50.00
25/10/2022	39.00
26/10/2022	49.00
27/10/2022	50.00
28/10/2022	75.00
31/10/2022	85.00
01/11/2022	51.50
02/11/2022	75.00
03/11/2022	180.00
04/11/2022	120.00
07/11/2022	80.00
08/11/2022	102.00
09/11/2022	104.00
10/11/2022	93.00
11/11/2022	94.00
14/11/2022	80.00
15/11/2022	108.50
16/11/2022	99.00
17/11/2022	95.00
18/11/2022	145.00
21/11/2022	100.00
22/11/2022	112.50
23/11/2022	120.00
24/11/2022	145.00
25/11/2022	170.00
28/11/2022	272.00
29/11/2022	332.40
30/11/2022	347.00
01/12/2022	377.00
02/12/2022	328.00
05/12/2022	355.00
06/12/2022	340.00
07/12/2022	365.00
08/12/2022	390.00
09/12/2022	350.00
12/12/2022	344.00
13/12/2022	353.00
14/12/2022	345.00
15/12/2022	344.00
16/12/2022	298.00
19/12/2022	258.00
20/12/2022	225.00
21/12/2022	226.00
22/12/2022	195.00
23/12/2022	169.00
03/01/2023	159.00
04/01/2023	145.00
05/01/2023	138.00
06/01/2023	170.00
09/01/2023	160.00
10/01/2023	170.00
11/01/2023	156.00
12/01/2023	157.00
13/01/2023	173.00
16/01/2023	174.98
17/01/2023	136.50
18/01/2023	153.00
19/01/2023	162.00
20/01/2023	154.00
23/01/2023	174.00
24/01/2023	155.00
25/01/2023	145.00
26/01/2023	154.00
27/01/2023	134.50
30/01/2023	144.50
31/01/2023	148.00
01/02/2023	144.00
02/02/2023	151.00
03/02/2023	146.00
06/02/2023	151.00
07/02/2023	150.00
08/02/2023	139.50
09/02/2023	138.00
10/02/2023	138.00
13/02/2023	131.50
14/02/2023	131.00
15/02/2023	135.00
16/02/2023	131.50
17/02/2023	120.00
20/02/2023	126.00
21/02/2023	123.00
22/02/2023	125.00
23/02/2023	126.00
24/02/2023	133.00
27/02/2023	129.50
28/02/2023	124.00
01/03/2023	122.75
02/03/2023	152.64
03/03/2023	121.90
06/03/2023	114.50
07/03/2023	116.00
08/03/2023	118.00
09/03/2023	109.00
10/03/2023	115.25
13/03/2023	128.00
14/03/2023	122.00
15/03/2023	111.00
16/03/2023	103.50
17/03/2023	104.00
20/03/2023	91.50
21/03/2023	92.00
22/03/2023	96.50
23/03/2023	95.00
24/03/2023	102.00
27/03/2023	105.75
28/03/2023	98.00
29/03/2023	101.50
30/03/2023	102.75
31/03/2023	112.00
03/04/2023	122.00
04/04/2023	126.38
05/04/2023	114.00
06/04/2023	103.00
11/04/2023	100.50
12/04/2023	101.00
13/04/2023	101.00
14/04/2023	100.50
17/04/2023	100.50
18/04/2023	98.25
19/04/2023	100.65
20/04/2023	96.50
21/04/2023	99.00
24/04/2023	98.00
25/04/2023	98.00
26/04/2023	93.75
27/04/2023	89.50
28/04/2023	93.00
02/05/2023	88.50
03/05/2023	86.74
04/05/2023	84.50
05/05/2023	82.20
09/05/2023	86.86
10/05/2023	84.80
11/05/2023	82.70
12/05/2023	81.66
15/05/2023	76.75
16/05/2023	73.50
17/05/2023	77.00
18/05/2023	72.00
19/05/2023	68.00
22/05/2023	63.48
23/05/2023	65.50
24/05/2023	66.20
25/05/2023	63.40
26/05/2023	59.90
30/05/2023	58.50
31/05/2023	60.25
01/06/2023	60.00
02/06/2023	57.00
05/06/2023	61.99
06/06/2023	68.50
07/06/2023	62.00
08/06/2023	67.47
09/06/2023	65.00
12/06/2023	73.00
13/06/2023	74.70
14/06/2023	87.00
15/06/2023	107.00
16/06/2023	88.50
19/06/2023	81.00
20/06/2023	92.50
21/06/2023	97.25
22/06/2023	91.25
23/06/2023	79.80
26/06/2023	88.50
27/06/2023	80.50
28/06/2023	84.00
29/06/2023	81.15
30/06/2023	84.50
03/07/2023	94.00
04/07/2023	84.00
05/07/2023	84.40
06/07/2023	83.00
07/07/2023	83.68
10/07/2023	79.90
11/07/2023	73.00
12/07/2023	68.50
13/07/2023	63.50
14/07/2023	65.50
17/07/2023	59.95
18/07/2023	62.50
19/07/2023	64.25
20/07/2023	66.55
21/07/2023	73.98
24/07/2023	72.50
25/07/2023	75.50
26/07/2023	81.65
27/07/2023	70.00
28/07/2023	65.75
31/07/2023	65.00
01/08/2023	69.95
02/08/2023	65.00
03/08/2023	70.50
04/08/2023	72.00
07/08/2023	71.75
08/08/2023	73.75
09/08/2023	77.75
10/08/2023	88.80
11/08/2023	84.50
14/08/2023	84.00
15/08/2023	83.50
16/08/2023	89.50
17/08/2023	87.00
18/08/2023	82.00
21/08/2023	92.50
22/08/2023	98.00
23/08/2023	104.75
24/08/2023	81.93
25/08/2023	84.00
29/08/2023	93.98
30/08/2023	87.50
31/08/2023	89.50
01/09/2023	80.98
04/09/2023	84.25
05/09/2023	79.48
06/09/2023	82.30
07/09/2023	78.40
08/09/2023	85.00
11/09/2023	93.25
12/09/2023	91.95
13/09/2023	89.00
14/09/2023	92.99
15/09/2023	86.00
18/09/2023	85.50
19/09/2023	84.29
20/09/2023	90.31
21/09/2023	93.00
22/09/2023	100.00
25/09/2023	110.00
26/09/2023	107.49
27/09/2023	97.50
28/09/2023	102.50
29/09/2023	99.00
02/10/2023	90.00
03/10/2023	73.75
04/10/2023	77.00
05/10/2023	71.75
06/10/2023	69.50
09/10/2023	90.50
10/10/2023	103.00
11/10/2023	113.00
12/10/2023	111.00
13/10/2023	130.90
16/10/2023	128.50
17/10/2023	104.50
18/10/2023	109.00
19/10/2023	105.50
20/10/2023	110.00
23/10/2023	114.75
24/10/2023	120.99
25/10/2023	121.00
26/10/2023	120.90
27/10/2023	118.50
30/10/2023	128.50
31/10/2023	114.00
01/11/2023	100.00
02/11/2023	87.00
03/11/2023	113.39
06/11/2023	104.00
07/11/2023	105.00
08/11/2023	107.00
09/11/2023	109.00
10/11/2023	102.00
13/11/2023	97.00
14/11/2023	109.00
15/11/2023	109.00
16/11/2023	108.00
17/11/2023	105.00
20/11/2023	113.50
21/11/2023	113.00
22/11/2023	112.00
23/11/2023	114.50
24/11/2023	123.05
27/11/2023	116.00
28/11/2023	112.99
29/11/2023	113.00
30/11/2023	108.00
01/12/2023	106.00
04/12/2023	103.25
05/12/2023	98.00
06/12/2023	94.50
07/12/2023	97.50
Date

GAS MARKET NEWS

Published	News
03/01/2023	The end of the year has seen prices come off due to milder weather, strong storage levels and LNG continuing to flow into Europe. This trend has continued today with prices opening lower. The new front month contract, Feb-23, is currently pricing at 179.50p/th, 6p/th lower than Fridays close.
04/01/2023	The milder weather continues to impact prices on the NBP to the downside. The UK system is 5mcm long at time of writing, after consecutive sessions of the system being short. Total demand is at 261mcm, 31mcm lower than yesterday and 46mcm lower than seasonal normal. LNG send out has increased 7mcm day on day with a busy delivery schedule for the UK over the next few days. Both UKCS and Langeled nominations are healthy at 57mcm each. On demand, domestic heating is down at 161mcm due to the weather. Exports to Europe are up 2mcm day on day at 47mcm. A drop in wind generation is supporting prompt contracts, with gas for power demand expected to lift over the coming days.
05/01/2023	The UK system is 3mcm short at time of writing, with total demand at 269mcm, up 7mcm day on day and 39mcm lower than seasonal normal. Norwegian imports to the UK have increased by 14mcm day on day, with Langeled nominating at capacity due to a period of maintenance coming to an end at Karsto. LNG send out is at 65mcm with 17 vessels now expected by month end. The milder weather and good wind generation are keeping prices supported to the downside, although wind generation has dropped below seasonal normal in the UK today. Temperatures are 5 degrees above average today with domestic heating demand low for the time of year.
06/01/2023	Prices have rebounded upwards on the NBP today with the front month Feb-23 contract pricing at 191p/th, roughly 8p/th higher than yesterdays close of 182.73p/th. Overnight weather runs are showing some early signs of possible cold weather at the beginning of February but there is low confidence in the models at present. Temperatures are currently 4 degrees above seasonal normal, with the warmer than average temperatures expected to persist through January.
09/01/2023	UK gas prices opened slightly lower to start the week following the gains witnessed at the back of the week on Friday. Prices found support on Friday, thanks mainly to a slightly cooler EC46 long range weather forecast which brought some cold risk to February. The market had been well offered but has opened weaker this morning as participants take stock with European wide storages still well supplied, mild forecasts predicted for the majority of Q1-23 and this has led to a weaker open.
10/01/2023	UK gas prices opened in line with the close on Monday, before swiftly pushing upwards in early trading. Following the bullish move at the outset, prices have since turned down and are trading comfortably below the prices witnessed yesterday. Temperatures remain mild and therefore UK demand remains subdued and well below seasonal average. The total consumption forecast for the UK is expected to be 261mcm, 60 mcm below seasonal average as the temperatures sit 3°C above normal temperatures.
11/01/2023	UK gas prices opened slightly higher day on day after finding some support from cooler overnight weather forecasts. Upcoming UK temperatures are set to drop 3/4°C below seasonal average between 16thand 19thJanuary which lifted demand outlook and prices reacted to this. Any gains have been short lived as temperatures are set to return above average swiftly and continue with the mild setup that has been generally witnessed during Win-22.
12/01/2023	UK gas prices have opened slightly higher this morning with gains fuelled by colder temperature revisions overnight and reports that the US LNG terminal, Freeport, is likely to remain offline past the expected late January resumption date. Temperatures have been turning slightly cooler for the working days next week, but overnight the move has been more pronounced. Forecasts for temperatures to drop 4-5°C below seasonal norm are in place for Tuesday 17th–Friday 20thJanuary which will bring support to the demand side. This will be short lived, and temperatures move back above seasonal average for the weekend.
13/01/2023	Temperatures have moved below seasonal normal today and will dip to 4 or 5 degrees this week before returning back above normals at the weekend. This has seen demand lift significantly, resulting in the short system. Despite the colder weather, the market remains bearish with a healthy schedule of LNG and very good storage levels in Europe keeping a lid on prices. The high winds last week saw delays to vessels unloading at the Milford Haven LNG terminals. The backlog should now start to ease with wind now below seasonal normal in the UK at the start of this week.
16/01/2023	NBP prices have opened lower today despite the UK entering into a spell of colder weather. The front month Feb-23 contract is currently pricing at 145p/th, 13p lower than Fridays close. The UK system is 17mcm short at time of writing, with total demand up 322mcm, 3mcm above seasonal normal and 63mcm up on Friday.
17/01/2023	Generally, prices over the last few weeks have been pressured by recent warmer weather trimming some demand, strong alternative sources of energy, and increased EU gas storage.
18/01/2023	The NBP continues to be driven by healthy LNG supplies and good European storage levels despite the ongoing cold spell the UK is currently experiencing. 12 vessels are expected to hit the UK before month end with LNG send out into the system nominating at 118mcm today. EU storages are currently 81% full, with ample of gas in reserve for the remainder of winter. The UK system is 25mcm short at open with total demand at 366mcm, 46mcm above seasonal normal. The strength in demand is due to increased domestic heating demand off the back of the colder weather and an increase in gas for power demand due to a drop in wind generation today. Temperatures are currently 4 degrees below seasonal normal and the cold is expected to last until early next week.
19/01/2023	A strong open on the NBP this morning saw the front month Feb-23 contract lift to 165p/th. Since then prices have come off, with the same contract currently pricing around the 151p/th mark. Strikes in France have reduced nuclear output this morning, with France having an increased reliance on power imports from neighbouring countries. Additional short-term bullish drivers include increased demand due to the current cold snap and weak wind generation. However, prices remain lower than levels seen earlier in the winter due to strong European storage levels and a busy LNG schedule.
20/01/2023	Prices have opened a touch lower on the NBP this morning, with Feb-23 currently pricing around the 150p/th mark, 3p/th lower than yesterdays close. The UK system is 14mcm short with total demand at 357mcm, 41mcm above seasonal normal. Despite the short, supplies are good with LNG send out nominating at 119mcm, with the UK expecting 13 cargos to deliver before month end. Langeled is nominating at 64mcm with no unplanned maintenance events and storage withdrawals are nominating at a rate of 36mcm. On demand, LDZ is holding strength off the back of the colder weather. Gas for power demand is also nominating at 68mcm due to low wind. Above seasonal normal temperatures are set to return by the middle of next week, with the weekend remaining around 4 degrees below average for the time of year.
23/01/2023	UK gas prices opened slightly lower this morning, finding some downside compared to the close on Friday’s session. During the last hour of trading on Friday, front month prices climbed ahead as some earlier indicators pointed towards the spell of colder weather persisting for a little longer, but weather forecasts have turned more bearish for February over the weekend.
24/01/2023	Gas prices have opened lower this morning with front month Feb-23 testing the 150p/therm support level despite a strong demand picture and short system. The UK system opened around 9.6mcm short, with total demand sitting at 351mcm, 35mcm above the seasonal average as another cold, calm start lifted heating demand and continued to force fuel switching due to poor wind generation. LDZ demand is at 236.7mcm, 10mcm below Monday’s level and this is expected to fall during the week as temperatures climb.
25/01/2023	UK gas prices have ticked down this morning, with front month Feb-23 contract opening below 150p/therm. Total demand has dropped slightly for the UK, falling to 338mcm from 351mcm as temperatures turn milder. Forecasts show that temperatures will continue to increase into the weekend which should bring some further reductions to the demand side. Temperatures are expected to climb 2°C above seasonal average at the start of the next working week.
26/01/2023	UK gas prices have opened slightly higher this morning as the UK system opened short with demand climbing 3mcm day on day. Total UK demand crept up to 341mcm today, up from 338 on Wednesday as low wind generation continues to drive CCGT demand upwards. Cooler overnight temperatures have ensured a strong start on the LDZ front with 224mcm of heating demand
27/01/2023	UK gas prices have opened slightly lower this morning, continuing with the bearish movement anticipated with milder weather and weaker demand into February. The UK system has opened short again, holding 11mcm deficit on the supply side as weaker Norwegian flows reduced demand whilst demand remains slightly above seasonal norms. Total UK demand is expected to reach 331mcm, just 20mcm above seasonal norm, and down by 10mcm day on day. Temperatures will return above seasonal normal next week and bring a milder setup for February, which is reflected in the losses this morning on the front month contract. There has been a strong move on the Carbon emissions market with both UKA and EUA markets lifting considerably. The Emissions market shrugged off a poor auction result and weaker gas prices to record new gains, trading at their highest since 23rd December, with EUAs lifting by €4.50 on Thursday, taking gains to €7.50 for the week.
30/01/2023	Prices on the NBP have lifted this morning, driven by a short system and maintenance. Feb-23 is currently trading at 147.00p/th as it nears expiry, 6p/th higher than Fridays close. An unplanned maintenance event at Kollsnes is restricting Norwegian flows, with a capacity loss of 13mcm. There are also outages on the UKCS, with both Bacton and Barrow suffering losses in capacity. The UK system is 25mcm short, with total demand at 304mcm, 10mcm below seasonal normal. Langeled and UKCS flows are nominating at 56mcm and 46mcm, respectively. LNG send out remains strong at 103mcm, with the UK expecting 13 cargos by the middle of February. The weather is set to be mild and windy this week, which should keep demand relatively low for the time of year. The Freeport LNG terminal remains in focus as the market awaits further details on a possible restart date. The terminal started to receive small amounts of pipeline gas late last week.
31/01/2023	NBP prices are up roughly 10p/th today with the now Mar-23 front month contract trading at 151 p/th. Ongoing unplanned outages in Norway are restricting supplies, with both Kollsness and Aasta Hansteen down a combined capacity of 19mcm. Yesterday also saw an outage extension at Eemshaven LNG terminal in the Netherlands. LNG send out has also turned down in the UK today, nominating at 94mcm, 9mcm down day on day. The system also remains short despite demand being below seasonal normal. A short cold spell has come into the forecasts overnight, with temperatures set to dip just below seasonal normal next week.
01/02/2023	The UK remains short today, by 12mcm. Total demand is at 261mcm, 54mcm below seasonal normal. On supply, LNG send out has turned down again today and is nominating at 76mcm, 18mcm lower day on day. Despite the drop in nominations, the UK is expecting 8 vessels to arrive by the middle of February. Langeled and UKCS flows continue to be impacted by unplanned maintenance events with yesterday’s outage at Aasta Hansteen now over. UK demand is down below seasonal normal because of the milder and windier weather. LDZ and Gas for power are nominating relatively low at 187mcm and 18mcm, respectively. However, there is some cold in the forecasts for next week that should see demand lift.
02/02/2023	NBP prices have moved lower in the is morning’s session despite the short system and colder weather coming into the forecasts. The front month Mar-23 contract is currently trading at 148.60p/th, 2.60p/th lower than yesterday’s close. From Monday next week, temperatures are set to fall 2 degrees below seasonal normal with the cold spell lasting until the weekend. The UK system is short yet again today, by 4mcm. Total demand is at 261mcm, 54mcm below seasonal normal. Unplanned outages at Bacton Perenco and Bacton SEAL continue to impact UKCS flows. It’s a similar story on Norwegian flows with the outage at Kollsnes ongoing and taking 15mcm of capacity offline.
03/02/2023	NBP prices have lifted higher in this morning’s session. The front month Mar-23 contract is currently pricing at 148.75p/th, 7p/th higher than last night’s close. The unplanned outage a Kollsnes is ongoing. However, unavailable capacity has reduced to just 4mcm. Bacton Perenco and Bacton SEAL are also still suffering issues with UKCS nominations at 51mcm. The UK system has flipped long today, by 7mcm. Total demand is at 263mcm, 46mcm below seasonal normal. Yesterday saw losses off the back of news relating to the Freeport LNG terminal, with approval now being sought from regulators to start loading LNG onto ships.
06/02/2023	UK gas prices have opened slightly lower this morning with front month contracts shedding around 2/3p/therm. Weather forecasts have warmed slightly over the weekend, bringing a likely reduction in demand for next week. Power prices have climbed at the front to start the week as wind generation has dropped compared to last week. Wind output is at 8.8GW for today, down from Friday and has lifted CCGT to 63mcm.
07/02/2023	UK gas prices have opened flat in comparison to Monday’s close with all prices across the curve showing little to no movement. The total UK demand is up by 2mcm day on day, however the system has flipped from 16mcm short on Monday, to 13mcm long today helping to keep prices stable. Flows into Aldbrough and Holford are both up by around 15mcmand IUK flows are down by 5mcm helping to balance.
08/02/2023	UK gas prices moved downwards late in the session on Tuesday afternoon and have opened largely in line with the close. Total UK demand has fallen by 14mcm, due to milder temperatures and stronger wind generation. Wind generation has increased by around 8GW for today, reducing CCGT by 19mcm. The UK forecasted consumption is in line with seasonal normal and the system is balanced at just 1.8mcm long.
09/02/2023	Norway's Dvalin gas field is now expected to restart today increasing flows to both the UK and the continent after working on technical solutions to address levels of mercury. Although good levels of LNG have been coming to the UK and Europe over the last few months there has however been limited growth in global LNG production and if demand rises in other regions as well as Europe it may causes tensions in the market. Although nine days of strikes are planned at Drax power station, Drax have ensured that generation will continue after putting forwards a "generous pay settlement". EDF extended an outage at Blayais 1 by ten days continuing delays in the return of French nuclear reactors. Temperatures are still slightly below seasonal normal today although are expected to increase over the coming days which are likely to reduce gas for power demand and with slightly stronger wind speeds forecast over the next couple of weeks are likely to help suppress demand
10/02/2023	UK gas prices are flat day on day with little movement across the curve on open today. With little change to weather the total consumption for the UK has remained consistent with Wednesday’s demand, totalling 320mcm and just 3mcm above seasonal norm. The UK system is relatively balanced at just 4mcm short compared to 1mcm long yesterday. All gas flows into the UK are unchanged day on day, meaning the only difference day on day is the extra 4mcm of demand this morning. Temperatures will remain mild until the start of next week in which a brief cold spell is expected to increase heating consumption, but the majority of February after this point will remain mild. An unplanned outage at Aasta Hansteen continues today, with maintenance ongoing at Nyhamna. This has taken around 5mcm offline for UK capacity and totalling 14mcm from Norwegian flows
13/02/2023	Prices on the NBP have opened weaker this morning, driven by news that Freeport has exported its first LNG cargo since last summer, with a second vessel also now loading. The unplanned outage at Troll, that saw prices lift on Friday, has come to an end over the weekend which has resulted in an increase in Norwegian flows heading to the UK along the Langeled pipeline. The Mar-23 front month contract is currently trading at 129.20p/th, roughly 6p/th lower than Friday’s close.
14/02/2023	Colder weather forecasts overnight have seen prices lift slightly higher at open today. Front month is currently trading at 131.50p/th, roughly 3p/th higher than last nights close. Cold in the short-term forecasts is centred around the last week in February, with it set to outturn just below seasonal normal. However, this week the weather is mild, with temperatures continuing to rise through to the weekend. Saturday will see temperatures reach 5 degrees above seasonal normal. Wind generation remains well below seasonal normal which is increasing the reliance on gas for power generation. However, total demand on the system is 5mcm lower day on day, at 289mcm.
15/02/2023	Prices have opened higher on the NBP this morning with front month lifting roughly 4p/th, to 135p/th. The UK system is balanced at 2mcm long with total demand at 283mcm, 32mcm below seasonal normal. Prices remain sensitive to changes in the weather forecasts with temperatures expected to turn colder next week and uncertainty remains in the longer dated runs for March. Mild temperatures are expected for the remainder of this week with wind improving over the coming days. 2 LNG cargos are expected to hit the UK today, with 8 vessels in total expected by the 23rd. EU storage is at 66% full, down 2% since the start of the week but still significantly up on the 5 year average.
16/02/2023	Prices have moved lower at open this morning as the bearish fundamentals of warmer weather, strong storage levels and healthy LNG flows continue to keep prices supported to the downside. There is a Norwegian outage at Aasta Hansteen today that is resulting in an 11mcm loss in capacity. However, flows along the Langeled pipeline remain up near capacity, nominating at 64mcm. The UK system is long today, by 10mcm at time of writing. Total demand sits at 275mcm, 38mcm below seasonal normal. There have been no major changes to weather forecasts overnight. Temperatures are currently 4 degrees above seasonal normal today with warmth remaining until late next week. Wind forecasts are also improving as we move towards the weekend.
17/02/2023	It has been a strong bearish open on the NBP this morning with front month dropping below a key level of support at 128p/th. The contract is currently pricing at 123.50p/th, roughly 5p/th lower than yesterday’s close. A long system and improving wind generation is offering further downside support on top of the bearish fundamentals that have driven prices downwards since the turn of the year: good storage, healthy LNG supplies and milder weather. The UK system was 16mcm long at open with total demand at 242mcm, 62mcm below seasonal normal. With ample supply, Langeled has turned down with the 10mcm outage at Aasta Hansteen ongoing. Both LDZ and CCGT have dropped day on day, driven by milder temperatures and windier conditions. The UK is 6 degrees above seasonal normal today and wind speeds are roughly 3m/s above norma
20/02/2023	UK gas prices have opened a touch higher to start the week with colder upcoming temperatures and weakening wind generation contributing to gains across the front of the curve. Total UK demand is sat at 264mcm for today, 45mcm below seasonal norm but 20mcm up day on day. Demand is expected to pick up in the coming days as temperatures turn cooler and wind generation calms down.
21/02/2023	UK gas prices opened in line with Monday’s close but has been pressured down slightly in the early hours of trading. A long UK system with healthy supply and mild temperatures continuing to weaken demand at present have all helped to push prices lower on the near curve.
22/02/2023	UK gas prices opened slightly higher this morning as the confidence increased within the market on the cold temperatures expected to arrive this week. The UK system was comfortable this morning and increased flows from Norway helped to cap gains on the upside. UK demand climbed slightly day on day, with CCGT demand doubling to 63 mcm and LDZ demand raised by 20mcm on the cooler start.
23/02/2023	UK gas prices opened in line with the close on Wednesday with the market continuing to trade in a relatively tight range. Temperatures are set to turn cooler over the weekend and longer-range forecasts are now showing below seasonal temperatures until mid-March which is providing some cold weather risk to near term prices. The UK system remains comfortably balanced at present and European storage levels remain at record highs helping to cap any further gains.
24/02/2023	UK gas prices have opened higher this morning, with front month and front seasonal contracts posting gains. The UK grid is undersupplied with lower temperatures increasing the LDZ demand and despite stronger wind generation than expected, an outage at Bacton in the UKCS has curbed supplies. Total UK forecast remains below seasonal average at 284mcm, but UKCs flows are down 22mcm from Teeside’s Bacton. LNG flows remain strong at 109mcm with exports to Belgium reducing by 11mcm, with expectations for this to continue next week as colder temperatures move in. Over the weekend we will see a shift to cooler days with demand expected to ramp up and forecasts point to below average temperatures until mid March. It’s looking likely to be a strong start to next week on the demand side with wind not expected to reach 5GW, alongside cooler temperatures. Oil prices posted further gains this morning with Russia set to reduce Oil exports from Western ports by 25% in March, a move which saw gains capped by a 9th consecutive week of US stock builds.
27/02/2023	UK gas prices opened lower this morning despite higher demand, colder temperatures, and weaker wind generation. Weather forecasts have turned slightly milder for the coming weeks meaning the current cold spell is not expected to last as long as first thought and longer term, March-23 is generally looking warmer. Temperatures have dropped today and will be below seasonal for the start of this week, dropping further into the week. As we move into the middle of next week, this is where the change occurs with a more bearish westerly setup bringing some warmer and winder conditions. This can be seen on the charts around 12th March. The UK system was 8.9mcm short this morning, with shippers removing 33mcm from storage to balance the system. Langeled flows have climbed back up towards capacity and UKCS is stronger day on day with the completion of works at Teeside. Prices soon ticked upwards with the bullish setup on the prompt with weak wind generation leading to an increase in 40mcm on the CCGT side. Overall, a slightly bearish change to weather over the weekend which could lead to a more generally comfortable March, but Europe will need to hurdle the current cold spell before we can look to summer delivery.
28/02/2023	Prices have opened higher on the NBP this morning, with Mar-23 currently trading at 121.75p/th, 4p/th higher than last nights close ahead of today’s expiry. Despite the stronger open, the UK system is 18mcm, with strong supply coming into the UK today. Total demand is at 299mcm, 39mcm below seasonal normal. LNG send out is strong, at 126mcm, with the UK expecting 10 LNG cargos to arrive by the middle of March. Norwegian flows are also nominating up at capacity, with UKCS nominations also healthy, at 67mcm. A statement released today by the European Commission suggests that the EU will come to the end of this winter with storage over 50% full. Storage levels have held significantly above average throughout this winter, and this has been one of the main contributing factors to the bearish trend we have seen in gas markets since the turn of the year. Weather forecasts have moved colder overnight, driving the increases at open. Temperatures have moved 1 or 2 degrees colder for next week in the UK runs, with temperatures consistently dropping from today, to around 6 degrees below seasonal normal by Wednesday 8th March
01/03/2023	NBP prices have opened higher today and continued to strengthen throughout the morning. The new front month contact, Apr-23 is currently pricing at 118.60p/th, roughly 3p/th higher than yesterday’s close. Colder weather forecast overnight have driven gains with demand increasing for next week. The UK system has opened 13mcm short, with total demand at 332mcm, 36mcm higher than seasonal normal. LNG send out is nominating at 95mcm, with 3 cargos expected to deliver into the UK today. Langeled and UKCS flows are nominating at 74mcm and 67mcm, respectively. An unplanned outage at Barrow is taking 6mcm offline today. On demand, gas for power generation has seen a tick up following decreasing wind generation. LDZ sits at 197mcm and is set to increase in the following days off the back of the colder weather.
02/03/2023	A stronger open again today on the NBP with front month pricing at 122p/th, up from 120.50p/th at last nights close. The UK system is 10mcm short, with total demand at 320mcm, 26mcm above seasonal normal. LNG send out has increased day on day by 11mcm, nominating at 106mcm. Norwegian imports and UKCS flows remain relatively unchanged. On demand, LDZ has dropped slightly day on day, to 194mcm. Gas for power demand is strong at 79mcm, with wind speeds below seasonal normal. Colder temperatures are forecast over the next week with demand expected to strengthen. The 8thand 9thof March will see the worst of the colder weather with temperatures expected to fall around 5 or 6 degrees below seasonal normal
03/03/2023	Prices have opened lower on the NBP this morning, with the front month Apr-23 contract pricing at 114.40p/th currently, roughly 4p/th lower than yesterdays close. The market remains bearish fundamentally, with good storage and strong LNG imports keeping prices pressured to the downside.
06/03/2023	Prices have opened lower on NBP this morning, down from 117.80p/therm at Friday’s close. Front month, April-23, is down 10p at 107.81p/therm at time of writing. The UK gas system is 8mcm undersupplied with Langeled flows from Norway down 5mcm since Friday due to maintenance. UKCS live supply nominations are up 16.3mcm. The market outlook continues to remain bearish with 59% EU gas storage levels as we near the end of winter and strong LNG supplies pressing the curve downwards on all products.
07/03/2023	This morning NBP prices are down from yesterday’s close. Front traded month April offered at 106.95p/therm, down a couple of pence. UK gas system is 14mcm undersupplied due to the ongoing Norwegian export nomination downturn due which is undergoing scheduled maintenance. Export flows from Britain to Belgium went to zero yesterday due to equipment failure, taking 58.5mcm offline. The subsequent increased domestic UK remaining gas softening NBP prompt until the issue is resolved.
08/03/2023	Front month NBP April-23 prices opened 9p higher than yesterday’s close at 120.62p / therm but have quickly traded softer back to yesterday’s levels of 111p / therm in morning trading. The UK gas system is 18.3mcm short this morning with demand being 41mcm higher than seasonal normal levels at 327.3mcm, attributed to the current cold weather, low wind generation and subsequent reliance on CCGT accounting for 60% of the power supply stack. Strong LNG inflows of 98mcm providing a large proportion of the inflow supply and providing downwards pressure on the curve.
09/03/2023	103p / therm is the currently trading price for NBP April-23, down 9p from yesterday’s close. UK gas system is 3.6mcm long this morning, with demand at 297.3mcm, 13.3mcm above seasonal normal levels amidst the cold weather and continued lower wind levels of 5.83GW. CCGT reliance has fallen decreased to 19GW, making up 47.76% of the power demand stack. Nuclear generation consistent at 4GW. Continued strong LNG shipping imports add to the softening of contracts across the curve.
10/03/2023	Gas prices sharpened before end of day close yesterday. Front month April-23 trading at 115p/therm. The UK gas system is 16.1mcm short with demand at nationwide demand at 326.2mc, 31.2mcm higher compared to the seasonal normal level of 275 mcm. UK near curve contracts climbed to attract spot LNG cargoes to help combat surging demand with colder temperatures. Newfound issues within the French Nuclear fleet also added to the pressure of the short-and long-term price curve. Increase in wind generation today to 10GW and 30% of UK power generation today has reduced the onus and power demand reliance from combined cycle gas turbine output, currently providing 15GW of supply and 37% of the power output. Down from earlier in the week.
13/03/2023	Continued focus on EDF’s French Nuclear fleet provides some potential bullish sentiment across the medium to longer curve, depending on the outcome and extent of the findings. U.K. gas system is 12 mcm short today, 279.6mcm demand today, 2.6mcm above the seasonal normal levels of 277mcm expected at this time of the year.
14/03/2023	Front month April trading down 7.2% at 113.510 p/therm, month of May at 114.730 p/therm, Summer-23 at 115 p/therm and Winter 23 at 138.400 p/therm. Natural gas prices slid for a second day, as weather forecasts for the final two weeks of March turned milder, providing a relief for inventories. Latest weather forecasts show above-normal temperatures until the end of March, reversing a previous estimate for lower temperatures.
15/03/2023	Short-and medium-term gas contracts fell ~10p / therm from prompt through to Q3-24. Day ahead is trading at 115 p/therm, Summer 23 at 115p / therm and Winter 23 at 137.5 p/ therm with smaller reductions further along the curve. Warmer forecast weather early next week and temperatures around seasonal normal levels plus strong wind outlook for the next 8 days in the UK some of the fundamentals driving these price movements. 3 LNG vessels are due today and 13 LNG vessels in total are due at UK terminals by the end of the month, same levels as March 2022. Oil price recued Monday and Tuesday following the uncertainty and fallout from the Silicon Valley Bank failure in America and the cancelled fed interest rate increase. The price of oil reduced on the back of the negative and unstable banking news. Some recovery last night as the Organisation of the Petroleum Exporting Countries (OPEC) upgraded China’s demand outlook, which revised Chinese consumption upwards
16/03/2023	Gas prices have fallen across the curve. Day ahead gas trading at 103 p/therm down from 115p/therm yesterday. Summer-23 down 7p to 108 p/therm and Winter-23 at 133.650 p/therm. Above seasonal normal weather for the next day days and spells of strong wind contributing to the falling prices. Healthy LNG vessel arrivals to UK terminals are also adding to the outlook.
17/03/2023	Day ahead gas prices down 10p since Wednesday at 102 p/therm. April 23 down at 109 p/therm from 113 p/therm, December 23 at 135 p/therm from 148 p/therm, and Summer 24 remains the same at 125 p/therm. The overall UK Gas System is 9.6 million cubic metres short. Demand is 30 mcm up across the country compared to usual seasonal normal levels of around 270 mcm.
20/03/2023	A significant open for the UK gas market today as front month NBP trades below the key level of support at 100p/th with April-23 currently pricing at 96.50p/th. These levels have not been seen on front month in the market since the summer of 2021. Milder weather, strong LNG flows and storage levels holding above 50% are all continuing to add downwards pressure, with prices trending downwards since the turn of the year.
21/03/2023	Prices on the NBP have opened a touch higher this morning, driven by a short system following a drop in LNG send out. The front month Apr-23 contract is currently pricing at 94.75p/th, 0.85p/th higher than last nights close.
22/03/2023	The NBP initially opened higher this morning, with prices having since moved below yesterdays close. The front month Apr-23 contract is currently trading at 99.70p/th. The ongoing strike action and reduction in LNG send out continues to add bullish pressure to prices in a fundamentally bearish market. On Monday, we had an announcement from the Unite union to say that 1400 offshore oil and gas workers are set to strike. The dates are yet to be announced with the expectation that domestic supplies coming into the UK could tighten. The strikes over pension reforms at 3 LNG terminals in France are ongoing with the end dates extended to the 28thof March yesterday. LNG cargos are being diverted away from French terminals to other European destinations.
23/03/2023	The NBP has opened higher this morning as tightness in supply continues to support prices. LNG send out into the UK system sits at 79mcm, with Norwegian imports along the Langeled pipeline down 4mcm day on day, nominating at 52mcm. The system is balanced at 3mcm long, with total demand at 254mcm, 13mcm below seasonal normal. Above seasonal normal temperatures and windier weather is keeping demand muted. LNG cargos continue to be diverted away from French terminals due to strikes. The UK is expected to receive 12 vessels by the middle of April in the current schedule with delivered volumes up significantly month on month.
24/03/2023	The NBP initially opened higher this morning but has since moved lower than last nights close with April-23 currently pricing at 103.25p/th. Prices at the front of the curve are being supported by the weather, with colder and calmer conditions set to come in next week. The drop below 100p/th on front month earlier this week has been short lived as the NBP remains supported at the front to continue to attract LNG cargos. There are currently 10 cargos expected to arrive on UK shores by month end. We have seen some volatility in the oil markets over night with prices moving to the downside as the US suggested it could take years to fill up strategic reserves after the releases this year. To counteract these moves we’ve also had US airstrikes carried out in Syria, in retaliation to a drone attack on a coalition base.
27/03/2023	UK gas prices have opened slightly higher this morning with a cold and calm setup helping to lift demand back above seasonal norms. UK gas prices have opened slightly higher this morning with a cold and calm setup helping to lift demand back above seasonal norms. Curve contracts had shed value on Friday with weakness in Carbon markets however the prompt had traded upwards. Temperatures are at least 3°C below average today and tomorrow, with a sharp increase back above average expected on Wednesday. The increased demand and calm conditions have led to near curve prices pushing up.
28/03/2023	UK gas prices opened largely flat with fundamentals remaining similar day on day. Temperatures remain below seasonal average today but are expected to climb tomorrow. Total UK consumption is at 295mcm for today, holding 40mcm above seasonal average and down by 5mcm from Monday. Temperatures are slightly warmer today in comparison but remain below seasonal average contributing to some increased heating demand.
29/03/2023	UK gas prices have opened a touch higher across the curve this morning as the Sum-23 expiry approaches with a short system, increased Carbon prices and potential impact from strike action provided support to the market. Total UK demand has fallen below 300mcm for the first time this week as UK temperatures increase above seasonal, however the system is still holding short. Total demand is at 289mcm, 40mcm above seasonal average with LDZ demand at 133mcm. Wind generation has increased for today and CCGT demand is only 27mcm, down 24mcm from Tuesday.
30/03/2023	The UK gas market has opened slightly down at the front today but has pushed up slightly on further dated contracts. Total UK demand has fallen by 8mcm to 281mcm, but the UK system is still short at 5.3mcm, incidentally the same figure as Wednesday. There has been a slight reduction in LDZ demand as temperatures continue to increase, but 5mcm of CCGT has increased due to lower wind generation
31/03/2023	UK energy prices climbed higher into the summer contract expiry as an undersupplied system on top of cooler temperatures and weaker wind generation supported prices. Summer-23 gas contract expired at 110.55p/therm, approximately 9p/therm above the lowest level seen on the contract. April-23 also expired at 107.41p/therm, above the 100p/therm mark after recently trading sub 100. The N2EX price climbed on Thursday, lifted by weaker wind generation for today but in spite of this the average monthly price for March was the lowest since August 2021. Overnight weather forecasts have provided some bullish momentum with temperatures set to stay cooler for a day longer at the start of next week. We will also see temps remain at seasonal norm at best rather than pushing above average on Wednesday. A high pressure system bringing cooler temperatures and weak wind generation are on the horizon for the UK into week 15. UK gas demand remains above average at 271mcm, 27mcm above seasonal norms with increased consumption in CCGT keeping demand high
03/04/2023	NBP prices have lifted strongly at the open this morning, driven by cooler and calmer weather conditions which are driving demand up this week. The back of the curve is also being supported by a surprise production cut in oil overnight, with OPEC announcing a 1m barrel/day cut for the remainder of the year. Following the roll of the gas season, the new front season W23 is currently pricing at 158.25p/th, roughly 9p/th higher than Friday’s close. The UK system opened 3mcm long this morning, with total demand at 305mcm, 51mcm higher than seasonal normal. LDZ and CCGT nominations have both increased day on day with both temperatures and wind below average for the time of year. On supply, LNG send out has dropped 26mcm after vessels struggled to dock late last week. Langeled and UKCS nominations remain stable at 72mcm and 66mcm, respectively
04/04/2023	A softer open on the NBP this morning sees the front month contract pricing at 122.75p/th at time of writing, 4.40p/th lower than Monday’s close. Improving weather forecasts and a long system has led to a decrease in prices. In the short-term forecasts, the UK is now set to warm back up above seasonal normal quicker than in previous forecasts, with wind also set to move back above seasonal normal by the end of the week. The UK system has opened 8mcm long, with total demand at 296mcm, 42mcm above average but 9mcm lower than yesterday. Bullish drivers remain in the market with strike action in the UK set to take place tomorrow, with 150 offshore workers striking. Carbon also lifted strongly yesterday on weaker supplies and increased buying ahead of the compliance period coming to an end. We have also seen stronger Chinese economic data that suggests demand for commodities could be set to improve.
05/04/2023	Prompt NBP prices have softened due to a revised increase in temperatures and stronger wind forecast for next week, week 15. Front month, May, is trading at 113.5 p / therm and Winter-23 offered at 153p / therm at the time of writing. The gas system is 7.5mcm long, despite a particularly high demand of 303 mcm, considerably above the seasonal normal levels of 235mcm for this time of year. The system oversupply still helping to keep prices suppressed. Carbon EUA price lifted following compliance buying and reduced auction supply and the December-23 contract currently trades at €96.95. OPEC and ally nations have increased the imposed supply reduction from 1 million barrels per day to 3.66 million barrels per day reduction to stabilise the oil market.
06/04/2023	Lower UK demand and in Europe due to warmer temperatures from Sunday onwards has contributed to a reduction in prices on prompt contracts again. The front month May-23 contract is offered at 104.99p / therm and the front season, Winter-23 contract is offered at 145p / therm. UK Gas System is oversupplied by 0.3mcm, demand is 50 mcm higher than seasonal normal demand at 286 mcm compared with 236 mcm. UK Carbon emission ETS allowances are currently trading at a record discount to equivalent European ETS. The UK ETS December 2023 contract closed at £73.60 / t (€84.02) CO2e whilst the EU ETS December 2023 contract closed at €96.55 / t CO2e. The UK contracts dropped sharply after a low primary market auction which cleared at £69.51 / ton CO2e, greater than £5 / t C02e less than the secondary market price in the leadup to the auction.
11/04/2023	NBP prices have lifted slightly higher after the Easter bank holiday weekend. The front month May-23 contract is currently pricing at 104.00 p/th. 2.00p/th higher than Thursdays close. The UK system is 7mcm long at time of writing, with total demand at 273mcm, 45mcm above seasonal normal. Langeled flows are nominating at capacity with this week seeing a ramp up in planned Norwegian maintenance events and so supplies should tighten. Below seasonal normal temperatures will keep demand supported until the weekend. However, wind generation is relatively strong earlier on this week, alleviating the demand on gas for power generation. There have been increases in UK LNG send out on Thursday’s level with the UK expecting 14 vessels over the next couple of weeks. European storage levels are at 56% fullness after the European transmission system operator published a report on Thursday with one model detailing a forecast of 90% fullness by October.
12/04/2023	It has been a mixed opening on the NBP this morning with front month moving lower than last nights close, despite the back of the curve lifting higher. We had bullish announcements impact the market yesterday with Unite announcing that 1350 offshore oil and gas workers could be set to carry out a 48-hour strike starting on the 24th April, impacting UKCS facilities. We also saw EDF extend outages at 10 reactors by a further 2 weeks. This is expected to result in an 11.6 GW loss in nuclear capacity in France. The oil markets are supporting the back of the gas curve after a 2% increase in prices overnight. Talk of the Federal Reserve pausing interest hikes in the US and declining US crude inventories is supporting oil to the upside.
13/04/2023	NBP prices have opened lower today with the May-23 front month contract trading slightly below the 100p/th mark in this morning’s session, roughly 2p/th lower than yesterdays close. The UK system is balanced at 1.5mcm short. Total demand is at 287mcm, 62mcm above seasonal normal. Norwegian imports have lifted 18mcm day on day following an end to planned maintenance at Aasta Hansteen. UKCS flows have dropped around 11mcm, due to maintenance at Bacton Seal. LNG send out remains healthy at 98mcm. On demand, LDZ is at 143mcm on the cooler temperatures this week. Forecasts for next week have also moved a touch colder overnight. Wind generation remains strong today and this continues to limit gas for power demand. Oil has also softened from highs seen earlier in the week as concerns over the global economy remain.
14/04/2023	Prices have opened in line with last nights close on the NBP after losses yesterday off the back of increases in Norwegian imports and LNG send out. The 16th of this month will see Troll and Kollsnes undergo maintenance with a combined 59mcm loss in capacity forecast. LNG send out has risen roughly 10% yesterday with nominations steady at 101mcm this morning. The UK is expecting 13 vessels over the next 2 weeks. Wider commodities have also softened with carbon down on decreased demand and Brent oil down on recession fears in the US. Looking at weather, we have seen forecasts move lower around Thursday next week with a brief dip to seasonal normal with temperatures generally holding 1 or 2 degrees above normal next week. Wind generation is also on the decline with wind speeds dropping from 5 m/s above seasonal normal yesterday, to 2 m/s below today. As a result, gas for power demand is up by 45mcm on earlier in the week. EU storage levels are currently holding steady at 56% fullness.
17/04/2023	UK gas prices have opened slightly higher this morning with revisions to the weather forecast bringing cooler temperatures for the remainder of April. Temperatures outlook remains variable and although remaining above seasonal norm for today, there is a slow reduction to below average towards the end of the week. Here lies the big change from Friday, where temperatures are now set to remain below seasonal for a week and at best return to seasonal norm rather than push above it. A high pressure system sat NW of the UK is set to bring calm conditions during last weeks of April, bringing calm cooler conditions and a likely increase in demand. The weekend saw an increase to Norwegian maintenance for this summer, with Troll field and Kollsnes processing plant curbing available capacity. Kollsnes is removing 39mcm/day from 16th April until 26th whilst Troll is taking 20mcm/day off until tomorrow, before increasing to 35mcm of unavailable capacity until 22nd April. To help balance, the UK has turned to storage withdrawals, with flows into grid at 26.2mcm.
18/04/2023	UK gas prices have remained relatively flat day on day even with the reduced volumes from Norway ramping up from today. The UK forecast for today is set at 249mcm, just 15mcm above seasonal average which is 18mcm lower day on day. Improved temperatures and stronger wind generation has helped balance the system with 12mcm in length. Norwegian assets at Troll and Kollsnes remain offline, but a further 15mcm/day is being stripped from Troll today and Ormen Lange will remove volume from tomorrow. Temperatures are set to turn cooler throughout the week, with forecasts now pushing temperatures as far as 4°C below seasonal norms which could bring some punchy demand into late April. Carbon Emission markets saw a drop in price on Monday, ahead of the EU parliaments vote in Strasbourg today on whether they will set more ambitious climate targets which could include changes to the EU ETS scheme
19/04/2023	UK gas prices have lifted slightly on the open this morning with the expectation of increased demand amid colder temperatures next week. An extension to unavailable capacity from Norwegian volumes were increased on Tuesday due to unplanned outages at a time in which Troll and Kollsnes facilities are offline for scheduled summer maintenance. Total UK demand has fallen day on day, dropping to 236mcm today, just 3mcm above seasonal norms. Stronger wind generation has reduced the CCGT demand and thus keeping the UK system long, with a balance of 13.2mcm this morning. Tuesday and Wednesday next week look set to drop up to 5°C below seasonal average which could be lift demand dramatically with a chance of some overnight frosts in the UK. This is set to be shortlived and we should see warmer days return with a brighter and warmer forecast for the first week of May on the horizon. Oil prices traded upwards slightly on Tuesday following reports of lower American stocks, with data suggesting that US stock piles are 2.7M barrels lower week on week
20/04/2023	UK gas prices experienced a step down during the afternoon trading session on Wednesday with front month May-23 falling well below the 100p/therm mark to close at 96.50p/therm. A long system, steady wind generation and strong supply helped pressure the prompt. This morning, prices have opened a touch higher as demand and CCGT generation have crept up, removing most of the system length seen on Wednesday. Total UK demand is set to reach 246mcm today, still holding 13mcm above seasonal norms but comfortable despite the ongoing Norwegian maintenance.
21/04/2023	UK gas prices opened in line with Thursday’s close despite an increase in UK demand and ongoing Norwegian outages threatening to disrupt supply. UK temperatures are set to fall across the weekend, culminating in peak demand on Tuesday and Wednesday during next week. A reduction in renewable generation is set to increase demand further but thankfully the cold will be short lived. UK renewable generation has been revised down and is now set to generate at just under seasonal normal levels. Temperatures will ramp up into the weekend and bring a much warmer feel to end April.
24/04/2023	UK gas prices are down slightly on the near curve with an overall long UK gas system even amongst the colder weather during the front half of the week. Front month May-23 trading at 95.75 p/therm at time of writing, June-23 at 96.6 p/therm and July trading at 99.5 p / therm. The Winter-23 contract product is trading around 145 p/therm. Large supply from import LNG sources and an increase in the supply from the United Kingdom Continental Shelf plus withdrawals from Rough Storage helping to aid higher than seasonal normal supply for mid-spring caused by the colder current weather.
25/04/2023	Prices down slightly across the near and far gas curve. Front month contract May-23 trading at 95.5 p/therm. Q3-23 at 102.1 p/therm. The near seasonal product Win-23 trading at 143.75 p/therm. The UK gas system is 3.8 mcm short today with a large reliance on LNG imports, and the UK Continental Shelf providing a large amount of the supply. Rough storage withdrawing 4.3mcm.
26/04/2023	Gas prices down a couple of pence per therm at the front of the curve, May-23 front month trading around 95 p/therm at time of writing. NBP August-23 contract could start to reduce with storage-driven pressure continuing to support contango across the summer months.
27/04/2023	Gas prices gapped down 5p from yesterday for front May-23 contract now trading at 90p/therm. June-23, July-23 and August-23 contracts down 6p, 8p and 11p also, to 90.5 p/therm, 91.75p/therm and 97p/therm. Q3-23 down almost 10p from yesterday currently trading at 96.7p/thermat time of writing. Winter-23 up a penny to 145.7 p/therm, Summer-24 up 0.8p/therm to 135.9 and Winter-24 holding close to yesterday at 145.65 p/therm.
28/04/2023	Small price movements at the front of the curve, day ahead, weekend and balance of month. Down half a penny. Front month of May currently trading at 90.2 p/therm offered. and the front season, Winter-23 is offered at around 148 pence per therm. Further out, increases of 2p on quarters past the middle of 2024. Sideways price movements due to North-western European temperatures a touch warmer and in line with seasonal normal levels next week. Wind-generation slightly below average next week, Norwegian planned maintenance expected to average nearly 100 mcm/day in May, not factoring in unplanned outages. There’s strong LNG cargo send out and importation into the UK and an increase in nominations from the UK Continental Shelf which is keeping prices suppressed. EU ETS certificates just below €100 / tonne level for the benchmark December 2026 contract and the UK ETS carbon price is just under £60 pounds per tonne at offered spot and £77.25 for the December 2026 contract.
02/05/2023	UK gas prices have opened lower this morning following the UK bank holiday with front month May -23 expiring over the weekend. The May-23 contract closed at 90.53p/therm with the Jun-23 contract trading below that exchanging hands at around 86.50p/therm at time of writing. UK demand is expected to be weaker throughout the week with temperatures holding at and above seasonal norm with latest models turning slightly warmer over the weekend. Temperatures take a slight dip during the end of the week but will climb back above average for the bank holiday this weekend. Total UK demand is sat at 244mcm, 6mcm lower than last week, but still 50mcm above seasonal norm due to Langeled flows remaining well below nameplate capacity and flowing at just 21mcm today. Troll field is due back online on 5th May which should bring some improvement to Norwegian exports to the UK. The LNG calendar remains strong with 12 cargoes set to arrive into British terminals in the next two weeks, helping to boost supplies during weaker Norwegian flow and to ensure strong injection into storage facilities
03/05/2023	UK gas prices have opened slightly lower this morning on the near curve despite demand remaining above seasonal average and lower Norwegian exports continuing to dampen supply. UK temperatures are now set to remain warm for a week, holding comfortably above seasonal average by around 3-4°C. Forecast models are currently showing a slight cool down from Wednesday next week but higher pressure is building which could bring the warm air sat over Spain into the UK and lift temperatures. This is one to watch.
04/05/2023	UK gas prices eased on Wednesday as warm temperatures and stronger wind generation pressured the prompt. This has continued today with DA trading at around 81p/therm at time of writing. On Wednesday the UK was withdrawing around 7mcm from storage due to weaker Norwegian volumes, but stronger wind generation, higher Norwegian volumes and weaker demand have led to injections picking up again today. Total European storage sits at around 61% already.
05/05/2023	The bearish set up continues with the near curve prices continuing to fall with slight gains witnessed on the DA market ahead of the UK bank holiday. Demand has climbed by 17mcm this morning as wind generation has fallen to just 6GW, taking CCGT demand up from 18mcm on Thursday to 42mcm today. Langeled flows have weakened and dropped to just 7mcm after increasing to 36mcm on Thursday. With the increased demand and weaker flows UK prompt prices have had small gains.
09/05/2023	UK gas prices have opened slightly higher following the long weekend as a short system and increased demand strengthens near term contracts. Langeled flows have increased from around 8mcm on Friday to sit at 28mcm today, providing a boost to UK supplies, but calmer conditions have led to increased CCGT with 49mcm of gas and coal burn for electricity.
10/05/2023	Front month opened slightly higher on the NBP this morning but has since moved lower with Jun-23 currently pricing around 82p/th. The UK was initially 4mcm short at open but is now around 5mcm long with storage withdrawals stepping in to balance, with nominations now at 9mcm. Yesterday’s outage at Bacton on the UK continental shelf has ended. However, a busy maintenance schedule continues for Norwegian facilities, with Langeled nominating at just 27mcm today. An unplanned maintenance event at Troll is taking a further 6mcm of capacity offline. Wind generation is below seasonal normal, adding additional demand on gas for power generation. Brent has also recovered after a brief dip yesterday following news that the US could be planning to fill back up strategic reserves, which would increase demand in the market.
11/05/2023	NBP front month has broken below a key support level of 80p/th this morning. However, we have since seen prices recover back up to 81p/th. The UK system is balanced with similar dynamics to yesterday with tightness in Norwegian supplies due to maintenance and increased gas for power demand due to low wind. LNG send out has also lifted higher day on day, nominating at 96mcm, with 8 vessels expected to hit UK shores over the next few weeks. We have also seen gains in wider commodities, with carbon and oil both lifting in previous sessions which is supporting the back end of the NBP curve. The weather forecasts remain relatively unchanged overnight with a cooler dip coming through the middle of next week.
12/05/2023	The NBP has opened lower this morning following improvement in wind generation today and a comfortable system. Oil has also moved lower overnight on recession fears in the US, a strengthening dollar and data to suggest that China’s economy is recovering slower than expected. These losses have come despite the news of OPEC lifting their global demand forecast by 2.3m barrels per day yesterday. We have also seen the Bank of England lift interest rates 0.25 points to 4.5% as the bank tries to keep a handle on inflation. The UK system is 6mcm long at the time of writing, with total demand at 214mcm, 27mcm above seasonal normal. Wind speeds today are forecast to hold above seasonal normal for the UK after forecasts earlier in the week suggested wind speeds would outturn 3m/s below seasonal normal. This has led to a drop in gas for power demand, alleviating the pressure on the system.
15/05/2023	UK gas prices have opened slightly lower this week on the back of stronger supply, weaker demand in the UK and expectations of warmer weather. Weather forecasts have turned warmer over the weekend, with the UK now expected to sit above seasonal average for the most of May. Barring one colder dip tomorrow which will be short lived, the UK will experience a mild end to May.
16/05/2023	UK gas prices remained relatively flat day on day with the UK grid balanced upon open. The UK market opened just 1.2mcm long, with total demand set to reach 223mcm, 35mcm above seasonal average. The demand figure has increased by 13mcm compared to Monday as CCGT increased by 7mcm. Temperatures are slightly cooler today leading to an increase in LDZ demand and weaker wind generation has contributed to the overall increase in demand.
17/05/2023	UK gas prices were a mixed bag on Tuesday with curve contracts shedding some value, whilst prompt prices found some support from increased demand. The UK system has opened 15mcm short today, with demand remaining 40mcm above seasonal average at 227mcm. Temperatures are set to turn warmer into the weekend and reduce the LDZ demand, however the high pressure will bring calm conditions and increase the dependency of gas for the generation mix. Already today the UK has seen a 20mcm increase in CCGT for power.
18/05/2023	UK gas prices opened a touch lower on Thursday morning with an oversupplied system despite reduced flows from UKCS and Langeled. A significant drop in UK demand has helped to balance the UK grid this morning with total forecast at 204mcm, 23mcm lower day on day. The figure still holds higher than seasonal average at 187mcm. CCGT demand has fallen by 5mcm and LDZ demand down by 8mcm as temperatures warm up.
19/05/2023	UK gas prices opened a touch higher than the close on Thursday with weaker supplies impacting short term contracts. Total UK demand increased day on day following a decrease in wind generation. The UK consumption is expected to reach 216mcm, up from 204mcm on Thursday. The UK grid opened 3mcm long but before 10am the system had balanced amid weaker supply from Norway and increased CCGT.
22/05/2023	The bearish trend continues at open today with the European gas benchmark contact of front month June-23 TTF moving significantly below the €30/MWh level. Strong LNG flows, good weather and healthy injections into storage are all driving prices downwards. We could see some supply tightness in the coming days from Norwegian maintenance with Langeled nominating at just 2mcm today. However, the system has opened comfortably at 12mcm long. The Norwegian maintenance schedule ramps up this week with a loss of 134mcm of capacity today, with lost capacity set to increase further, to up above 150mcm, as we move into June. Oil has fallen over the weekend on weak economic data out of China and ongoing debt ceiling negotiations in the US.
23/05/2023	The NBP is roughly in line with the previous session, with the Jun-23 front month contract currently trading at 66p/th at time of writing, only 0.4p/th lower than yesterday’s close. The system has flipped long today, by 15mcm, mainly due to a drop in LNG send out off the back of maintenance at the Isle of Grain terminal. The LNG schedule remains healthy despite this maintenance event, with 7 vessels expected to arrive on UK shores by month end. Norwegian flows are still nominating in single figures due to ongoing maintenance, adding to the tightness in supply. Gas for power demand us up around 8mcm due to a drop in wind, with the remainder of this week set to be below seasonal normal wind speeds. On temperatures, we’ve had some cooler runs come in overnight in the 2-week forecast with a dip down to seasonal normal expected through the middle of next week.
24/05/2023	The bearish outlook remains in European gas markets despite a short UK system over the last 2 days. Front month NBP is currently trading at 66p/th, 0.3p/th lower than last nights close. The system is 4mcm undersupplied at time of writing with total demand at 203mcm, 26mcm above seasonal normal. LNG flows are down against nominations earlier in the week with ongoing maintenance at Grain. Langeled flows are also nominating at 1mcm due to ongoing Norwegian maintenance. EU storage levels are currently at 66% fullness with Europe on track to hit the 90% fullness target by November 1st. Oil is up at 3-week highs, driven by expectations that OPEC could make further cuts in production, tightening supply in the market.
25/05/2023	The NBP has opened weaker again today on the bearish fundamentals of good storage levels, warmer weather and strong LNG flows. The front month Jun-23 contract is currently trading at 61.50p/th, with last nights close at 64.50p/th. The UK system is 17mcm short at time of writing, with total demand at 199mcm, 23mcm above seasonal normal. LNG send out has dropped to 70mcm with Langeled flows still down on Norwegian maintenance. 30mcm of capacity is being withdrawn from storage today with demand from the continent strong at a combined 73mcm along the BBL and IUK interconnectors.
26/05/2023	Front month has held below 60p/th at open on the NBP this morning, with DA lifting slightly off the back of a short system. The tightness in UK supplies this week has come from maintenance, with LNG send out and Langeled flows down significantly because of outages. Despite LNG nominations being lower, the UK schedule is a healthy one with 7 cargos expected over the coming days. Yesterday saw Ofgem announce the price cap for Q3 at £2074. With prices coming off in the market this level has dropped by a third versus the previous quarter. EU storage is at 67% which is significantly higher than the 5 year average and one of the reasons behind the bearishness in price action. The wider energy complex is also bearish with oil coming off 3% yesterday on expectations that OPEC may not look to make further cuts next month. Carbon was down over 2% and European coal also moved lower on a surplus of supply.
30/05/2023	UK gas prices have moved slightly higher on Tuesday morning with a short system driving near term prices upwards. Following the long weekend, total demand above seasonal norm and a short system has ensured that prices moved slightly higher than on Friday, but with front month contracts still trading below 60p/therm ahead of expiry later today.
31/05/2023	UK gas prices have traded upwards this morning fuelled by a short system, strong demand and weaker wind generation. Prompt and near curve prices found support from weaker LNG flows into the UK combined with reduced flows that continue with Norwegian summer maintenance. Nyhamna processing plant remains offline taking around 80mcm/day with it and total Langeled flows to the UK are at 0mcm today.
01/06/2023	UK gas prices have opened lower today as the UK system is more comfortably balanced and demand has fallen considerably day on day. The UK system is just 1.6mcm short, down from 14mcm short on Tuesday and 4mcm short yesterday. The biggest change is the consumption figure with expected demand in the UK set to reach just 162mcm, down 30mcm day on day. There is a 7mcm drop in CCGT demand due to higher wind generation and the IUK is flowing 20mcm lower than on Wednesday ensuring a stronger supply to UK grid.
02/06/2023	The UK has opened with a short system again this morning, holding a 2mcm deficit with supply continuing to be restricted by Norwegian maintenance. Flows from Norway into the UK remain at 0mcm for the 3rdconsecutive day and whilst this was planned, reduced LNG schedule and reductions in UKCs have also hampered supply. LNG flows have fallen to 47mcm today, down 50mcm from the start of the week with only 2 cargoes set to arrive in the next week.
05/06/2023	Prices have opened higher on the NBP this morning, continuing Friday’s rebound. The front month Jul-23 contact is currently pricing at 59.50p/th, 4p/th higher than Fridays close. The UK system has opened 32mcm short because of a drop in LNG send out and continued Norwegian maintenance. In recent days we have seen Asian gas markets at more of a premium to European markets and so this will drive LNG cargos to Asia. The UK is only expecting 2 vessels this week, which is one less than this time last year. There is also maintenance at Montoir, a French LNG terminal, that is expected to last until the 10thof June. Prices further out along the curve are being supported by the oil markets, with OPEC agreeing to extend supply cuts over the weekend, with a loss of 3.7 million barrels per day running into 2024. On top of this, Saudi Arabia, one of OPECs top exporters, has also pledged to cut a further 1 million barrels per day in July.
06/06/2023	Prices have moved lower after gains yesterday. The front month Jul-23 contract is currently pricing at 65.50p/th after closing around the 68p/th mark last night. The system remains undersupplied in the UK at 29mcm short. Total demand sits at 172mcm, 4mcm above seasonal normal. Low LNG send out and Norwegian maintenance continues to restrict supplies with demand strengthened by below seasonal normal wind generation. Oil prices softened yesterday as global economy fears outweigh thew impact of OPEC cuts. The weather is a bearish driver currently, with warmth set to hit the UK at the weekend. Temperatures are set to rise around 5 degrees above seasonal normal and hold there for the majority of next week.
07/06/2023	The NBP continues to retrace Monday’s gains off the back of the bearish fundamentals of milder weather, good storage levels and weaker demand. EU storage is currently over 70% fullness and well on track to hit 100% by the end of summer. The UK system is balanced at 2mcm short, a significant reduction to the short earlier this week as a result of a drop in LNG send out. Weaker demand and a drop in exports to the continent have reduced the pressure on the supply side. The oil markets have retraced gains from the OPEC cuts, on the familiar drivers of the global economic slowdown and weaker demand expected from China. LNG send out is stable at 29mcm with the UK only expecting 3 cargos by the 12thof June.
08/06/2023	It has been a stronger open on the NBP this morning with the front month Jul-23 contract pricing higher than last nights close, at 66.50p/th currently. A further reduction in LNG send out has resulted in a shorter system day on day, with the system sitting at 10mcm short currently. Total demand is at 148mcm, 19mcm below seasonal normal. Exports to the continent have also increased to 25mcm. Yesterday we saw an extension to the outage at Hammerfest with little upside as a result because of the bearish fundamentals of low demand, good storage injections and milder temperatures
09/06/2023	The NBP has lifted today on Norwegian outage extensions and improving exports to the continent. Gas for power demand forecasts have also increased due to lower wind forecasts for the coming week. The UK system is 5mcm short at time of writing, with total demand at 139mcm, 22mcm below seasonal normal. Exports the continent are nominating at 11mcm along the BBL and 30mcm along the IUK. LNG send out remains muted at just 14mcm. Warm is set to build extensively in the UK this weekend with temperatures possibly reaching 30 degrees in the south. In line with rising temperatures, wind speeds are expected to drop below seasonal normal on Monday and remain there for the rest of next week.
12/06/2023	The UK gas market has opened a touch lower this morning but remains priced well above the levels traded at this time last week. Fears around tighter European supply caused a tick up at the back end of the week, with the UK still holding a short system, Langeled flows remain at 0mcm and UKCS had fallen below capacity. LNG flows into the UK grid are at 18mcm and down by around 80mcm compared to a month ago.
13/06/2023	UK gas prices have opened slightly lower today, with front month Jul-23 pushing back closer to the 70p/therm level after recent gains. The UK system remains short at 7mcm, with total demand outweighing supply as LNG and Norwegian volumes remain low. Total UK demand is below seasonal average by 34mcm, with LDZ demand at just 54mcm. Low wind output has ensured a strong start for CCGT, climbing to 42.5mcm
14/06/2023	UK gas prices experienced a sharp move to the upside on Tuesday as Norwegian operator Gassco announced an unexpected extension to summer maintenance at Nyhamna processing plant. At 1pm UK time, news broke that Nyhamna would remain offline until 15thJuly having initially been expected back at 21stJune, bringing an additional month of restricted capacity from the facility. The outage will keep 80mcm/day offline and total around 2bcm for the duration.
15/06/2023	UK gas prices have continued to climb following the recent news of an extended outage to Norwegian summer maintenance at Nyhamna. Weaker LNG flows into the UK grid, reduced Langeled flows and the increasing likelihood of weaker supply for another month have led to bullish prices in recent days.
16/06/2023	UK gas prices have opened slightly lower this morning following a couple of days of strength after the announcement of extended maintenance at Nyhamna. The UK gas system is still short this morning but much closer to balance compared to previous days with the UK grid at only 0.6mcm short. Total UK demand has fallen again as the UK exports continue to fall. UK demand is expected to reach 119mcm, 22mcm lower day on day.
19/06/2023	NBP prices have opened lower this morning, continuing Friday’s downtrend, driven by high storages, weakening demand and improving LNG. Reduced exports to the continent and milder weather has seen demand drop 38mcm below seasonal normal today, resulting in a long system. LNG send out remains low in the short term, with only 1 cargo expected this week. Langeled is also still nominating in single figures off the back of Norwegian maintenance. European storage levels currently sit at a very healthy 74%. The oil markets have moved lower off the back of a slowdown in economic growth in China, despite ongoing OPEC cuts and a falling US rig count. Temperatures are expected to remain significantly above seasonal normal for the next 2 weeks with the warmth peaking to around 5 degrees above seasonal normal early next week.
20/06/2023	NBP prices have risen at open this morning, with the front month Jul-23 contract current pricing at 91.85p/th, 5.75p/th higher than last nights close. Below seasonal normal wind generation is increasing the demand on gas for power generation, which in turn is supporting the prompt. Maintenance also continues to impact prices to the upside with an unplanned outage at Kollsnes yesterday and another one at Norne today, taking 7mcm of capacity offline. These unplanned events are happening with Norwegian supplies extremely tight already with all of the planned events ongoing. The UK system is 10mcm short at open today due to increased exports to the continent and a drop in Langeled nominations
21/06/2023	Current supply tightness in the UK has resulted in gains at open this morning. The front month Jul-23 contract is currently pricing at 96.85p/th, 2.35p/th higher than last night’s closing price. Norwegian maintenance and a quiet LNG schedule have restricted supply coming into the UK resulting in a 6mcm short system at open. 3 unplanned Norwegian outages today, at Norne, Asgard and Skarv, have resulted in an additional 20mcm of lost capacity on top of ongoing planned events. The UK is also only expecting 2 cargos to deliver before month end, with LNG send out currently nominating at 15mcm. Demand has also seen a slight increase day on day with weaker wind generation adding extra pressure on gas for power generation. UK inflation has held at 8.7% for May, with pressure now on the Bank of England to raise interests rates yet again.
22/06/2023	Prices on the NBP have opened lower this morning, with the Jul-23 front month contract currently pricing at 91.75p/th, 2p/th lower than last nights close. The system has opened 5mcm short, with total demand at 139mcm, 23mcm below seasonal normal. The supply tightness in the UK continues with a lack of LNG and the ongoing Norwegian maintenance. LNG send out and Langeled are nominating at 15mcm and 2mcm, respectively. Yesterdays unplanned outages at Skarv and Asgard are now over. We have had some improvement to wind forecasts for next week overnight with gas for power demand moving lower. However, today CCGT is nominating at 54mcm with wind below season normal. The Bank of England are set to announce their interest rate decision this afternoon, with another rise expected.
23/06/2023	It’s a bearish open on the NBP this morning, with the front month Jul-23 contract currently pricing at 81p/th, 5p/th lower than last nights close. A long system is driving losses on the prompt with an improvement in wind generation easing CCGT demand and subsequently the supply tightness we have seen in recent days. The Bank of England’s decision yesterday to lift UK interest rates by 0.5% has seen oil drop by 4% on a weaker economic outlook for the UK. Interest rates now stand at 5%, a level not seen since 2008. After a warm June, we are starting to get a clearer picture for July in the forecasts, with cooler and more unsettled weather expected. However, this weekend will see temperatures lift 5 degrees above seasonal normal before a sharp decline early next week.
26/06/2023	NBP prices have lifted higher at open today, with the Jul-23 front month contract pricing at 84.30p/th currently, 2.5p/th higher than Fridays close. The UK system is 9mcm short at time of writing, with total demand at 135mcm, 26mcm below seasonal normal. The tightness in supply continues for the UK with Langeled nominations at 0mcm due to Norwegian maintenance and LNG send out nominating at just 9mcm, with only 2 vessels expected to deliver into the UK this week. Despite demand being below seasonal normal and wind forecasts picking up strongly on last week, supply is struggling to meet demand. Late on Friday came news that Groningen is set to close in October, however this was expected and so had a minimal impact on prices.
27/06/2023	The UK system opened 2mcm long this morning, with total demand at 126mcm, 35mcm below seasonal normal. There are no major changes to the supply side dynamics with exports to the continent dropping 5mcm day on day on the demand side. Supply remains tight into the UK on Norwegian maintenance and only 2 LNG cargos are expected to deliver into the UK by month end. Prices have moved higher than last nights close through the latest session, with Jul-23 roughly 1.2p/th higher. Weather forecasts are looking notably cooler for July with more wind and rain in the forecasts versus June.
28/06/2023	The NBP has opened lower this morning despite the UK system being 3mcm short. Total demand is at 145mcm, 17mcm below seasonal normal. Exports to the continent have stepped up overnight with the IUK nominating at 20mcm today. Gas for power demand has also increased by 12mcm, to 45mcm, due to falling wind. Yesterday we saw a bullish update to the Norwegian outage at Kollsnes, which will see an increase in lost capacity between June 29thand July 3rd. Oil has moved lower overnight on expectations of another interest rate hike in the US next month. Brent is currently pricing at $72.81/bbl. US API inventory data will provide further direction for oil later on today
29/06/2023	The NBP continues to soften at the front, following on from yesterdays moves. Front month is currently pricing at 82p/th ahead of expiry, roughly 2p/th lower than last nights close. The front of the curve has operated within a range of 80 to 85p/th this week, with bearish fundamentals being disrupted by supply tightness and bullish updates to Norwegian maintenance. The system is currently balanced at 0.5mcm long. Total demand is at 142mcm, 19mcm below season normal. Increased wind generation has seen CCGT demand drop 7mcm day on day. Weather forecasts this morning are relatively unchanged day on day, with temperatures now close to seasonal normal. Oil climbed roughly 3% yesterday on a larger than expected draw down in US stocks. Markets were expecting a drop of around 1.8m barrels in US crude inventories, but the actual figure came out at a 9.6m barrel draw for last week.
30/06/2023	NBP prices have opened higher than last nights close with the UK system balanced at 2mcm at time of writing. Exports to the continent along the IUK have ramped up again today, with nominations climbing 8mcm day on day. LNG send out is nominating at 16mcm with only 1 vessel expected in the first week of July. We could see an easing of lost capacity due to Norwegian maintenance, with some events coming to an end next week. Strong winds over the weekend and early next week will see gas for power demand muted. Oil prices have continued to climb over night on the significant draw in US inventories, with Brent currently pricing at $75/bbl. Weak Chinese economic data is capping the gains.
03/07/2023	The NBP has opened roughly 4p/th higher day on day, but prices have softened throughout the morning with the gains somewhat overdone. The bullish open has come off the back of an outage extension at Oseberg, restricting Norwegian capacity further. Supplies are also tight in the UK because of a lack of LNG, with only 1 cargo expected this week. EU storage levels sit at 78% with expectations that we could see 100% for the start of winter at the current rate of injections. Wind is significantly above seasonal normal today with CCGT demand in single figures as a result. The level of water ways in Europe are also having a bullish effect on energy prices with the cooling of nuclear reactors and the transport of coal being hampered due to warm and drier weather
04/07/2023	NBP prices have opened roughly in line with the previous session after the market softened yesterday. An oversupplied system and weaker gas for power generation contributed to the downside. Today, the UK system remains long at 6mcm. Total demand is at 121mcm, 40mcm below seasonal normal. Exports to the continent along the IUK have halved to just 9mcm today. Weaker wind has seen CCGT demand lift to 27mcm. The supply side dynamics remain relatively unchanged with Norwegian supplies set to pick up as maintenance events come to an end. Temperatures are also set to increase, where the weekend could see highs of up to 28 degrees in the UK.
05/07/2023	Prices opened roughly in line with previous session on the NBP this morning but have since lifted higher on a short system and increasing demand. The UK system opened 9mcm short with total demand at 125mcm, 36mcm below seasonal normal. The supply side dynamics remain relatively unchanged with both Langeled and LNG flows muted due to maintenance and a lack of cargos delivering to the UK. On demand, a 17mcm increase day on day to gas for power generation is driving the short with a significant drop in wind. The oil markets are being supported by anticipated cuts from OPEC, with Saudi Arabia likely to extend their 1 million barrel per day cut into August and September. Yesterday saw losses in the UK carbon market with the government announcing a reduction in the allowance cap for UKA’s, bringing more supply to the market and causing prices to soften.
06/07/2023	NBP prices have softened in this morning’s session on easing demand and a long system. The UK system is 8mcm long at time of writing, with total demand at 123mcm, 38mcm below seasonal normal. Exports to the continent have stepped down 4mcm today with slight increases in LNG send out and UKCS production, resulting in the long system. Wind is also adding bearish pressure with increases in generation as we move into tomorrow. Norwegian maintenance continues to restrict supplies with roughly 30mcm of capacity coming back on the 10thfollowing the end of maintenance at Oseberg and Troll.
07/07/2023	Prices have opened roughly 2-3p/th higher than last night close on the NBP. Yesterday saw losses off the back of a long system, weakening demand and returning Norwegian supplies early next week. The Oseberg maintenance is now set to come to an end on the 9th, with 10mcm of capacity coming back. The Troll maintenance is scheduled to end on the 10th, which will see 22mcm of supply return. Temperatures in the UK could reach as high as 28 degrees tomorrow with additional cooling demand driven by the warmer weather. LNG deliveries into the UK are still lacking with only 1 cargo expected by the 13thof July. Oil saw a 1% dip yesterday on expectations of further rates hikes in the UK. The market soon recovered from the losses following a 1.5 million barrel draw down in US crude inventories for last week
10/07/2023	UK gas prices have opened lower to start the week with front month prices pushing back below 80p/therm for the first time since 12thJune, just before the Nyhamna announcement on extended maintenance. The UK consumption lifted into the weekend with heat related demand pushing into the mix as temperatures climbed in into the high 20s. This morning cooler temperatures and increasing wind generation has ensured a weaker setup on the prompt which is reflected in pricing
11/07/2023	UK gas prices opened largely in line with Monday’s close with the UK supply coping comfortably despite a short system this morning. Total UK demand is expected to reach 135mcm today, up 5mcm day on day. Despite increasing, the figure remains below seasonal norm. The UK system is 13mcm short at market open and has gradually reduced to just 7mcm short
12/07/2023	UK gas prices have turned a touch lower this morning with near term prices losing value amid stronger wind generation and lower demand. Total LDZ demand in the UK has crept up by 3mcm day on day with slightly cooler temperatures increasing heating demand, however strong wind generation has reduced CCGT generation by 10mcm compared to Tuesday. Wind is currently at 7GW, around 29% of UK generation helping to relieve gas demand on the prompt.
13/07/2023	Gas prices continue to push downwards on the near curve with strong renewable generation helping to combat gas demand in the UK market. The expected UK consumption for Thursday increased by 8mcm day on day with the system slightly short (3mcm) however the near curve continued to find pressure. A slight decrease in wind generation today is expected to be short lived before another ramp up on Friday and Langeled flows increased.
14/07/2023	UK gas prices have opened slightly higher this morning with near term contracts posting 1/2p/therm gains despite an increase in Norwegian flows and weak demand. Total consumption for the UK remains below seasonal norm at 132mcm, the same value day on day. This figure is 22mcm below average with strong wind generation (9.7GW) reducing CCGT demand. Wind generation is forecast to step up into the weekend with around 10.5GW on Saturday and 11.2GW on Sunday which will keep the gas demand for power generation low.
17/07/2023	UK gas prices have opened lower this morning in a continuation of the bearish trend off the back of the return of Norwegian flows. The UK system is 16mcm long at open with total demand at 159mcm, in line with seasonal normal. Langeled nominations are at 55mcm, significantly higher than Friday’s level of 9mcm. This increase has been driven by the return of Nyhamna and Kollsnes. Ongoing maintenance at Rough storage is set to end today with European storage levels currently very healthy at 80%. Dragon LNG terminal is also undergoing further maintenance on the 20th. Only 1 vessel is heading toward the UK in the LNG schedule, with the arrival of Al Utouriya expected at South Hook tomorrow. Low wind and solar renewable generation this week are set to impact demand in both the gas and power markets. This morning we have also seen a strong spike in the oil markets after Saudi Arabia announced an oil cut extension until the end of December 2024.
18/07/2023	The UK gas market has opened slightly higher that yesterdays closing price, driven by increased demand and a short system. The system is 3mcm short at time of writing, with total demand at 182mcm, 22mcm above seasonal normal. CCGT nominations have increased 13mcm day on day due to dropping wind generation and this has added extra demand. Exports to the continent are also up 10mcm. On the supply side, Langeled nominations have increased 3mcm day on day to 58mcm, with LNG send out slightly up to 10mcm. The weather continues to keep demand supported with cooler temperatures and unsettled conditions set to remain until the end of July.
19/07/2023	NBP prices have opened lower this morning, this comes after yesterday’s gains driven by weak renewable generation and an unplanned outage at Aasta Hansteen taking 5mcm of capacity offline. Prices have softened off the back of a long system, improving Langeled nominations and with the unplanned event at Aasta Hansteen now over. The UK system is 8mcm long at time of writing with total demand at 177mcm, 17mcm above seasonal normal. Langeled nominations have lifted 10mcm day on day, to 66mcm. Lost capacity due to Norwegian maintenance is expected to ramp up again in August, with the market jittery around any further unplanned events. Demand has seen increases in CCGT, driven by weak wind generation. Exports to the continent have also risen versus earlier in the week, with the IUK nominating at 33mcm today.
20/07/2023	Outages in Norway yesterday saw the NBP lift, and those gains have continued into today. The Aug-23 front month contract is currently pricing at 68.60p/th, roughly 3p/th higher than last nights close. Weaker wind in the UK continues to support prompt prices, with the front of the curve also being supported to the upside by a lack of LNG deliveries to the UK and Europe. However, fundamentally the overall picture remains bearish on recovering Norwegian flows and good European storage levels, which currently sit at 82% fullness. Weather forecasts continue to show cooler and more unsettled weather, with temperatures holding below seasonal for the next few days.
21/07/2023	Temperatures are expected to remain below seasonal average for the rest of July, with the variable weather bringing periods of strong wind generation which should offset the extra heating demand. Reports of a delay to Venture Global’s contracted LNG shipments seem to have fuelled gains across the curve. The company has delayed LNG shipments to long term customers due to ongoing issues with maintenance being extended at the facility.
24/07/2023	Temperatures are set to remain below seasonal norms with an active low pressure system set to move in over the weekend bringing cooler but more blustery conditions. Temperatures will remain low for the rest of July. Norwegian flows into the UK remain high, flowing at 69.3mcm today and has been consistent following the unexpected outage at Aasta Hansteen last week.
25/07/2023	UK gas prices have continued with small gains especially at the front of the market as a short system and weaker wind generation impact the curve. Total UK demand has climbed in recent days and continues to hold above seasonal norm, with total UK demand expected to reach 183mcm today. Seasonal average is at 160mcm. Demand has increased as UK exports have climbed with flows a 32mcm today, whilst low renewable output has meant 46mcm is being consumed for power generation.
26/07/2023	UK gas prices opened slightly higher this morning with front month Aug-23 climbing to 85p/therm during early trading. Since the open, the market has traded to the downside with prices coming under pressure from improved supply and forecasts for increased renewables later in the week. Norwegian capacity is set to reduce again next month due to planned maintenance with a peak of 153mcm unavailable for the last week in August.
27/07/2023	UK gas prices have opened lower this morning, with the UK system comfortably balanced and with demand creeping down compared to Wednesday. Wind generation has increased to just under 6GW and so CCGT demand has fallen from 43 to 39mcm and expected to fall further to end the week. Total UK demand is expected to reach 173mcm today, down 6mcm day on day. The UK system is 8mcm long this morning helping to reduce prompt and near curve prices.
28/07/2023	The market has turned lower again this morning with front month Aug-23 dropping below 70p/therm, pressured by stronger supply and forecasts of strong renewables for the month of August. Temperatures are set to remain below seasonal average, with parts of next week dropping 3/4°C below average. Forecasts for wind generation are strong and excluding next Wednesday, wind generation is set to average 6GW bringing strong and stable supply to the UK. With the expected output in wind generation, the clean spark spreads turned negative for August which could push gas fired generation out of the mix.
31/07/2023	The market has moved higher this morning after losses during Friday’s session. The now front month Sep-23 contract is currently pricing at 69.25p/th after closing at 67.50p/th on Friday. The UK system opened balanced at 0.5mcm long. Total demand sits at 174mcm, 13mcm above seasonal normal. Despite strong wind generation this week, the bullish price action is being driven by impending Norwegian maintenance with events at both Troll and Kollsness beginning tomorrow. We should see around 28mcm of lost capacity off the back of these events. Storage is very strong at 85% fullness with the market fundamentally bearish on strong supplies despite the lack of LNG heading to Europe.
01/08/2023	The NBP has opened higher today as maintenance at Troll and Kollsnes gets underway. Norwegian exports coming into the UK along the Langeled pipeline have fallen 18mcm day on day, with the start of these events resulting in a 22mcm loss in capacity. Tightening supplies have resulted in a 9mcm short system at open. Total demand sits at 158mcm, 3mcm below seasonal normal. LNG deliveries into the UK sit at 3 for the week with send out nominating at just 5mcm from South Hook today. On weather, temperatures are holding just below seasonal normal today before dropping around 4 degrees below normal later this week. Wind has dropped to seasonal normal today with increases in CCGT demand. However, forecasts should improve at the back end of this week which will ease the pressure on gas for power demand.
02/08/2023	NBP prices have opened 2-3p/th higher than the previous session across the curve this morning. These gains are being driven by a short system, an unplanned maintenance event at Troll and bullish price action in the oil markets. The UK system opened 4mcm short with total demand at 155mcm, 6mcm below seasonal normal. Langeled nominations have dropped to 53mcm given the start to maintenance at Troll and Kollsnes yesterday. Troll is suffering a further unplanned loss of 12mcm today due to corrective maintenance. Yesterday saw 1% gains in the oil markets after US crude inventory data saw a 15 million barrel draw down for last week, the largest draw on record.
03/08/2023	Maintenance continues to support the NBP this week with another bullish open and the UK undersupplied again today. The UK system is 12mcm at time of writing, with total demand at 143mcm, 18mcm below seasonal normal. Both Langeled and UKCS nominations have dropped day on day due to maintenance, with nominations at 43mcm and 45mcm respectively. LNG send out is muted at 8mcm with the UK expecting 3 vessels to deliver by early next week. Wind generation has also dropped today, resulting in increased gas for power demand. Temperatures have also dropped below seasonal normal today with forecasts showing a gradual decline that is set to peak on Sunday, at 5 degrees below normal, before improving as we move through next week.
04/08/2023	The NBP has opened lower and continued to move lower through the morning with yesterday’s gains seemingly overdone and profit taking at the end of the week taking place. There has been a new unplanned outage at Troll published this morning, resulting in a 6mcm loss in capacity but prices have softened regardless of this news. The UK system is just short, by 2mcm. There have been reductions in Langeled and UKCS nominations this week due to additional maintenance with gas for power demand also strengthening today due to low wind in the UK. This drop in supply and additional demand is driving the short and exports to the continent have also dropped, nominating at just 10mcm today.
07/08/2023	UK gas prices experienced losses on the near curve on Friday fuelled by weaker demand and stronger wind generation. Prices have opened flat to Friday this morning but have traded up during the early session. UK demand is expected to reach 142mcm today, 20mcm below seasonal norm with temperatures beginning to build reducing LDZ demand. The UK grid is 12.2mcm long and comfortably balanced but prices have found support from the upcoming Norwegian maintenance.
08/08/2023	UK gas prices lifted on Monday, finding support from an expectation of weaker supply at the end of the month. This morning however, the UK system opened with length, holding 12.2mcm long this morning even with demand increasing by 8mcm and UK exports to the continent climbing. The UK has seen an increase to Langeled flows following the unplanned outage at Troll bringing back 10mcm. Upcoming temperatures are set to turn warmer with a shift to above seasonal average expected on Wednesday. This will bring lower gas demand in the UK leading to cheaper prices at the prompt end of the curve. A mixed bag in terms of weather is expected throughout this week, with strong solar radiation and high temperatures will bring weak wind generation leading the UK to look to gas and other fuels to bring to the generation mix.
09/08/2023	Total UK demand has crept up today, with forecast consumption reaching 170mcm and up 16mcm day on day. Most of this increase is due to low wind generation and an increase in the CCGT demand for power generation. This is likely to remain high into the weekend with low wind forecast. Despite the strong demand, the UK system is still long this morning and holding 4.8mcm in length. An additional 5mcm from Langeled has helped to balance the book and UKCS is up 2mcm day on day helping to keep the system balanced. Norwegian volumes are expected to drop with further maintenance scheduled at the end of August.
10/08/2023	UK gas prices soared on Wednesday, fuelled by global LNG supply risk as workers at Australian LNG facilities voted to strike. Monthly exports from the facilities total around 10% of global supply and even with little volume heading to Europe it has the potential to disrupt global balances and increase competition for Europe to attract cargoes. The Sep-23 front month contract traded up from 78p/therm to over 100p/therm before closing in the high 90s. This morning, prices have opened higher with Sep-23 first trading at 103.50p/therm but during early trading prices have retraced down with front month now at around 95p/therm.
11/08/2023	UK gas prices have remained supported after the breakout on Wednesday. The continued worry about supply is due to the potential strike action at Australian LNG plants, despite productive talks yesterday. Prices are also being supported by UK wind speeds, with forecasts expected to drop over the weekend resulting in an increase gas for power demand.
14/08/2023	It’s a bullish open on the NBP this morning, with Sep-23 trading around 93p/th first thing this morning. The market continues on its upwards trend with the strikes in Australia being the main driver. The prospect of strike action could see global LNG supplies reduced. The UK is expecting 1 LNG tanker to land on the 17th, making that 2 LNG tankers set to deliver over the next 3 days. Another small unplanned outage at Barrow North has slightly reduced capacity by 6mcm on the UKCS. On Norwegian maintenance, Vesterled will now be unavailable until the 22ndof August after an extension, further reducing capacity.
15/08/2023	NBP prices have started with a bullish move this morning spurred by the continuing worry of the possible strikes in Australia at the Woodside and Chevron sites causing a potential tightening of global supply. Early this morning Sep-23 has been trading at 94p/th after a slight drop throughout the day yesterday. The UK gas system opened up 14mcm long this morning with the latest demand forecast showing the UK is currently 14mcm below the normal seasonal demand, this combined with the stores in the UK now up to 91% full are fundamentally bearish influences on the market. The planned various maintenance has started to commence in Europe with an expected capacity reduction of 1.3bcm across various sites has most likely helped to keep the DA products and front month contracts high.
16/08/2023	NBP prices have followed the bullish trend we have seen over the past week and opened up higher than last nights close. The front month Sep-23 price rose to 105p/th early this morning before falling back to 99.60p/th, at time of writing. There is still no solid information coming from the Australian Chevron and Woodside facilities where the potential strikes may take place. Talks have been scheduled to continue between the workers and their respective companies but without a resolution the LNG supplies to Europe and Asia will be constricted, which is the reason we are seeing such a strong bullish move.
17/08/2023	The NBP has opened up higher this morning but has since moved lower to below last night’s closing price. The front month Sep-23 contract is currently pricing at 96.00/th. The UK system has flipped day on day and is currently 10mcm long at time of writing. Total demand sits at 155mcm, 8mcm below seasonal normal.
18/08/2023	Price have opened higher on the NBP this morning but have since softened on bearish fundamentals, despite the threat of Australian LNG strikes and the ramp up in Norwegian maintenance coming towards the end of the month. High wind generation this weekend, warmer weather forecasts and European storages at 90% are all supporting prices to the downside. The system is long for a second consecutive day, by 10mcm at time of writing. Total demand is at 158mcm, in line with seasonal normal. A lack of LNG continues to act as a bullish driver with no cargos expected to arrive in the UK next week, after having only received 4 so far this month.
21/08/2023	NBP prices have opened higher than the close last week with the front month Sep-23 price up about 8p/therm at the time of writing. The main driver of the bullish moves is the uncertainty of the LNG strikes in Australia. Over the weekend the unions had announced that if there has been no agreement made by the end of the day on Wednesday then the strikes would go ahead meaning we could see a reduction of LNG starting as early as the 2ndof September.
22/08/2023	The NBP prices have opened at similar levels to yesterday morning after a strong bullish move throughout the day yesterday. The continued theme in the market is the strikes in Australia with the news coming in overnight that the two parties are focused on coming to an understanding on wages and working conditions. The supplies in Europe have tightened with Norwegian maintenance now under way. If Australian sites do strike the worry is that supply will become even tighter.
23/08/2023	The NBP market has continued to trade high this morning with the market awaiting news out of Australia’s Woodside site on if the workers will move forwards with the proposed industrial action. The talks are said to be continuing into the evening in Perth so we may get some news later in the day. If this is the case, there could be some expected volatility in the market.
24/08/2023	UK gas prices have opened significantly lower this morning as news emerged from Australia that a principle agreement has been reached between the Woodside LNG and unions, avoiding strike action and a disruption to global LNG supply. As the UK market opened, Sep-23 front month contract had fallen by 15p/therm compared to traded prices at the close on Wednesday. Sep-23 had traded at 91p/therm on Wednesday before opening trades were booked at 75p/therm this morning.
25/08/2023	UK gas prices posted large losses on the open on Thursday following an agreement in principle from Woodside LNG facility in Australia that reduced the chances of strike action. There is still the possibility of further action at Chevron’s two facilities with strike action set to be voted on next week on Monday.
29/08/2023	The workers at two of the Chevron LNG sites in Australia have voted to take industrial action, which could take place as early as the 7th of September. The Offshore Alliance, the union for the workers, have backed the strike after working with the Woodside LNG site last week and coming to an agreement not to strike. However, the talks at the two Chevron sites have not been as successful. This has caused the NBP prices to rally to points we saw early last week when the news initially broke on industrial action in Australia.
30/08/2023	NBP prices have opened lower initially this morning but have since lifted back above last nights close. The front month Sep-23 contract is currently pricing at 88.90p/th, roughly 1p higher day on day. The market is still digesting Monday’s news on the Australian LNG strikes. The loss in production during the planned strike action, in early September at the Chevron facilities, is forecast to not be as severe as initially thought. Norwegian maintenance is also tightening supplies with a large loss in capacity due to ongoing maintenance at Troll. Weak wind generation is also supporting the prompt this week. Despite the current supply tightness, the market remains fundamentally bearish with EU storages at 93% full.
31/08/2023	NBP prices fell again yesterday after the initial rise caused by the news of the industrial action in Australia that was reported on Monday. At time of writing, the Oct-23 contract is trading at 95.79p/th, a slight drop from the levels seen yesterday. The market is waiting for more news on the industrial action in Australia.The7thof September is a key date, with the strike action scheduled to begin.
01/09/2023	NBP prices have opened slightly above yesterdays close with news out of Australia that the workers at Chevron have rejected a pay proposal. Almost all the 461 workers voted to reject the deal. The planned industrial action is set to go ahead by the 7thof September unless the two parties can come to an agreement.
04/09/2023	NBP prices have cooled this morning with forecasted demand well below the seasonal average for this time of the year. This could be attributed to the warmer temperatures that the UK is experiencing this week and it is forecasted to continue until early next week. The UK is still set to embrace warmer than seasonal average temperatures for the rest of September.
05/09/2023	NBP prices continued to cool throughout the day yesterday and this morning with demand well below the seasonal average because of the warmer weather that has engulfed the country. The UK system has opened 3.4mcm short this morning. Norwegian summer maintenance is set to be completing over the next couple of weeks, although yesterday it was announced that the Aasta Hansteen and Dvalin maintenance has been extended.
06/09/2023	UK gas prices have opened largely in line with the close on Tuesday, despite a short system and slight increase to UK gas demand. The UK forecast for today has climbed by 5mcm to reach 129mcm, still 20mcm below seasonal norm. A reduction in the wind generation is the main reason behind the increase as gas demand for power has climbed and set to reach 58mcm today. The UK system is 12mcm short this morning as Europe continues to struggle with supply as Norwegian maintenance continues to remove around 200mcm of capacity until the end of the week.
07/09/2023	UK gas prices have opened higher this morning, driven by a number of Norwegian outage extensions. The front month Oct-23 price is currently at 80.00p/th at time of writing, roughly 4p/th higher than last nights close. Troll, Kollsnes and Aasta Hansteen have all had maintenance events extended resulting in additional Norwegian capacity being lost and further tightening supplies into European gas markets. These bullish price moves come after losses yesterday, driven by the 1 day delay to the start of Australian LNG strike action. The market also remains fundamentally bearish on strong storage levels, warmer weather and good supplies.
08/09/2023	UK gas prices have opened higher this morning as strike action began at the Chevron sites in Australia. A significantly low wind output for today has also increased the gas burn for power generation. Total UK demand is below seasonal average today, holding at 138mcm, 6mcm below average. The demand figure has crept up by 3mcm day on day due to weak wind generation. UK wind output is expected to reach just 400MW today as high pressure continues to keep the country warm and still. CCGT demand has risen to 62mcm, nearly half of UK demand.
11/09/2023	UK gas prices have opened higher to start the week, driven by Australian LNG strikes and extensions to Norwegian maintenance. The front month Oct-23 contract is currently pricing at 94p/th at time of writing, up roughly 9p on Fridays close. This morning, Chevron has asked the regulator to help resolve the workers dispute, with the 2 parties seemingly unable to come to an agreement without government intervention. The end of a significant spell of Norwegian maintenance has been delayed, adding bullish pressure to prices. Large outages at Troll and Kollsnes were due to end last week, with those events now expected to end during the first half of this week. Markets are anticipating the return of Norwegian supplies following the end of these planned events. However, upside risk remains on the prospect of further delays.
12/09/2023	NBP prices remain supported this morning with the strikes in Australia and yesterday’s decreases in feedgas to the Freeport LNG terminal both driving bullish sentiment. The front month Oct-23 contract is pricing just below last nights close, at 91p/th at time of writing, with the market holding on to yesterdays increases. The UK system is under supplied at 5mcm short. Total demand sits at 153mcm, in line with seasonal normal. Supplies along the Langeled pipeline are nominating at just 0.6mcm off the back of ongoing maintenance. LNG send out is at 15mcm with the UK expecting just 2 cargos before the end of the month, significantly down on the same period last year. The strong warmth in the UK is now over with temperatures cooler this week but still holding above seasonal normal. Wind generation is low this week, increasing the demand on gas for power generation and supporting prompt prices
13/09/2023	Prices on the NBP are roughly in line with last nights close with the market taking stock after recent volatility. Extensions to Norwegian maintenance, Australian LNG strikes and a drop in feedgas at Freeport have all seen prices rise this week. Yesterday saw the scheduling of a tribunal hearing on September 22nd where a resolution to the workers dispute at Gorgon and Wheatstone could be reached. Improving wind generation and the prospect of returning Norwegian supplies saw losses yesterday, despite the 2 big maintenance events at Troll and Kollsnes being extended for yet another day into tomorrow.
14/09/2023	NBP gas prices have opened roughly in line with last nights close but have since moved lower despite a short system, further extensions to Norwegian maintenance and a scheduled escalation in the strike action at Chevron’s Australian LNG facilities. The UK system is 19mcm short a time of writing, with total demand at 141mcm, 13mcm below seasonal normal. The 125mcm outage at Troll has been pushed back another day. The 73mcm outage at Kollsnes has now pushed back to Saturday. The oil markets remain supported on supply tightness with Brent pricing above $92/bbl this morning, giving support to the wider energy complex.
15/09/2023	Stronger wind forecasts and returning capacity at Kollsnes is driving losses on the NBP at open this morning. The front month Oct-23 contract is currently pricing at 87.50p/th at time of writing, roughly 2p/th lower than last nights close. Lost capacity at Kollsnes has dropped from 75mcm, to just 11mcm today, with Norwegian supplies coming into the UK set to ramp up as a result. However, the 125mcm loss at Troll has been extended further, with this event now scheduled to end on Monday. Yesterday saw an escalation in the strike action at the Australian LNG facilities and there was also a turbine issue at Wheatstone which saw a significant reduction in production. The UK system has opened 8mcm short with additional demand coming from low wind generation. However, wind forecasts are set to improve next week, with wind speeds peaking around 5m/s above seasonal normal on Thursday.
18/09/2023	NBP prices have fallen this morning despite some fundamentally bullish news from over the weekend. Norwegian maintenance has been extended again with an additional planned outage removing 65mcm from the available capacity. The front month Oct-23 contract 90.18p/th at the time of writing which is roughly down 3p/th from last weeks close. The main story driving the market over the past month or so is the strikes at the Australian LNG sites, over the weekend there hasn’t been any real developments on the strike, it is expected that the strike will continue in rolling blocks with workers voting regularly. As a result of that LNG spot prices in Asia have increased.
19/09/2023	NBP prices have fallen this morning from last nights close with no big changes to the ongoing stories that have driven the market in the past couple of weeks with the strikes in Australia and the Norwegian maintenance still rumbling on. The prices have slightly recovered at the time of writing after the announcement of another extension to the maintenance at the Troll gas field. The UK system has opened close to 4mcm short this morning with the demand forecast still well below the seasonal normal demand. The wind generation in the UK has picked up and is expected to remain high for the next couple of days, it is expected to fall again on Thursday before falling below seasonal average on Friday. The higher wind generation should see demand for gas for power fall as wind generation will increase. Temperatures in the UK still remain well above seasonal average, forecasts have the temperature falling below the seasonal average from Thursday through to Sunday before picking up again and remaining above seasonal for the rest of the month.
20/09/2023	NBP prices opened up a step higher this morning after the news from yesterday yet again extending the maintenance at Troll, prices for the front month Oct-23 contract climbed up close to the 100p/th mark before another announcement from Gassco this morning which brought some of the previously unavailable capacity online once again and therefore the market for the Oct-23 contract has cooled and is at 93.8p/th at the time of writing. The UK gas system is short by around 7mcm this morning which follows the recent trend of the UK system being short over the past week. The UK storages have dropped down to 62.16% with the much more significant storages in the EU at a strong 94.24% before the start of the winter season. The temperature in the UK is expected to drop over the coming days and into the weekend, the lower temperatures should see an increase in demand for LDZ, along with the lower temperatures, the wind generation is expected to drop until next week so the demand for gas for power should increase.
21/09/2023	NBP prices have opened up below last nights close after the volatility of the past few days. The biggest news effecting the market is that the Norwegian maintenance looks like it is starting to subside with flows now entering Europe, the flows haven’t yet made it to the UK but the news has fundamentally been bearish for the market. The news out of Australia is that the Fair Work Commission, the industrial arbitrator in Australia, have recommended parties to conclude the talks and reach a settlement. The FWC have put a deadline on the parties accepting the deal on 9am on Friday Perth time. It will be something to keep an eye on Thursday evening when the news should reach Europe. The UK system is very undersupplied this morning with a deficit of -28.2mcm at the time of writing. This is off the back of the cooler temperatures as well as the lower wind generation expected into the weekend which has pushed up LDZ demand for gas. Demand is still 13mcm below normal seasonal demand.
22/09/2023	The NBP front month Oct-23 price is up close to 102p/th at the time of writing despite some fundamentally bearish news overnight. One of the main stories pushing volatility in the gas markets was the news of Chevron’s facilities going on strike which could bring as much as 5% of global LNG supply to a halt just before winter. The news overnight from Australia is that the strikes look to have been called off as Australia’s industrial arbitrator, The Fair Work Commission, stepped in and recommended both parties accept their proposed deal. This comes off the back of Chevron’s announcement that they would not miss any LNG cargo’s despite the news of the strike and a fault at one of the sites. Another piece of bearish news is that the Norwegian maintenance seems to be winding down with exports from Norway to the continent increasing daily with today the nominations up close to 20mcm.
25/09/2023	UK Gas prices have opened higher this morning continuing with the recent gains witnessed across the market at the end of last week. Near term contracts have shown strong gains with Oct-23 pushing as high as 111p/therm in early trading. Generally fundamentals remain slightly bearish with Norwegian volumes starting to return and Australian strike action seemingly averted.
26/09/2023	UK gas prices remained strong at the open this morning, but during early trading near term contracts have favoured the downside. The Oct-23 contract trading down from 11.50p/therm to 106.90p/therm at time of writing.
27/09/2023	UK gas prices have opened lower today on the back of stronger wind generation and Norwegian flow returning via Langeled. Flows via Langeled have increased from 0mcm on Tuesday, to 40mcm today helping the UK remain comfortably supplied and meet demand. UK forecast is expected to climb today but remain below seasonal average. Total demand is at 154mcm, 9mcm below average
28/09/2023	UK gas prices have opened higher this morning, supported by a short UK system with lower Norwegian volumes due to maintenance. Front month Oct-23 lifted back above 100p/therm this morning ahead of expiry as a short UK system and lower imports from Norway brough support to near term contracts. The UK is expected to see demand levels at 140mcm, a 14mcm drop day on day, however a reduction of 35mcm from Norway has left the UK system 17mcm short.
29/09/2023	UK gas prices have opened lower this morning as Norwegian supplies to the UK increases day on day to boost supply. Total UK demand is at 147mcm today, up 7mcm but remaining below seasonal average. Supply has been boosted by 30mcm, given a helping hand by an increase of 28mcm from Langeled into the UK. Wind generation remains strong and CCGT is subdued at 18mcm keep demand low. Temperature forecasts have turned slightly milder overnight and now bringing temperatures into next week above seasonal average for the first days of winter delivery. Wind generation will be volatile but with temperatures remaining mild, demand is likely to be kept low. There are 3 LNG cargoes set to arrive into UK terminals before 5th October which will again bring a much needed boost to supply, with Norwegian assets set to return over the weekend. British storage is at 98% and European storage remains at 95%, bringing bearish momentum to near curve prices as increased supply should be set to feed grids on the prompt.
02/10/2023	The front month NBP Nov-23 contract has opened close to 103p/th this morning after the end of trading the Win-23 contract last week. The UK system has opened up 4.5mcm long this morning with flows from Langeled into the UK close to 46mcm at the time of writing, one of the highest figures seen since the start of the Norwegian summer maintenance. The UK has 6 LNG vessels scheduled to arrive within October which should see an increase in supply to the gas system which was short for a significant part of October. UK gas storages are 68.1% full and the more significant EU storages are at a very strong 95.42% full.
03/10/2023	The UK system opened close to 3mcm short this morning with the seasonal normal demand well below the current demand forecast. The seasonal normal demand is 241mcm and the current demand forecast is down at 153mcm which shows the effect the mild and windy weather is having on demand currently. The NBP front month Nov-23 price opened up around the 95.5 mark this morning after a steady fall in the price during trading yesterday, the front month contract has already looked to ease off trading at close to 93.20 at the time of writing. Supply from Norway continues to increase after the period of summer maintenance is coming to a close and the worries on supply start to ease off as flows to the continent have increased this week. UK storages have climbed up to 71% full with EU storages, which were already strong, again rising now up to close to 96%.
04/10/2023	Mild and windy conditions continue to add bearish pressure at the front of the market with the DA price falling again yesterday. Front month Nov-23 prices have fallen throughout this week and as of the time of writing are below what we saw at close yesterday. The demand forecast for the UK system is almost 100mcm below what the seasonal normal demand is for this time of year, showing that the bearish weather is having an effect on the demand for gas at the moment. The UK system opened 4.9mcm short this morning and flows from Langeled should increase over the coming weeks. Maintenance in Norway is set to continue to complete with estimates putting the majority of supply back online by the 16th of October which could ease some potential supply worries for the winter, however as we have seen some maintenance can continue past its expected completion date.
05/10/2023	NBP Nov-23 front month contracts have opened slightly down on last nights close with continued bearish weather applying pressure to the downside. The wind levels that have been above seasonal normal for most of the week are expected to fall below the seasonal average on Monday, and the warmer temperatures that are keeping LDZ demand down are expected to fall closer to seasonal average on Friday the 12th of October, however, from the early forecasts it looks like the temperatures will still remain above seasonal norms going into next week. With some supply worries still lingering, the UK has 6 LNG cargos expected to arrive in October with Milford Haven expected to take 3 of these. The UK gas system has opened relatively closed to balanced this morning being short only 1.6mcm. Flows from the Langeled pipeline are up 9mcm from yesterday showing that flows are starting to return to some normality after the summer maintenance which may help to easy some worries on supply. EU storages are now at a very healthy 96.33% and the UK storages are climbing and now up to 73.91%.
06/10/2023	The big story in headlines this morning comes out of Australia, almost 2 weeks have passed since Chevron and the unions looked like they had come to an agreement on pay and working conditions and any further industrial action looked to have been averted. However, the news this morning is that the union have accused Chevron of going back on some of the concessions that were made in that deal and now the workers have voted to strike again. They haven’t given the 7 days notice period required yet to start action however, if they do we could see uncertainty on availability on the 6% of global LNG supply the Chevron sites provide. It is worth noting, during the last strikes, no LNG cargos were missed due to the industrial action. One to keep an eye on. Bearish weather patterns continue to push demand for gas down with the demand forecast today close to 86mcm below the seasonal normal. Temperatures in the UK look to remain 3 degrees above the seasonal average into next week before falling back to seasonal normal levels into the back half of next week. Wind levels are becoming choppier with the forecast peaking above seasonal levels and then falling below a number of times of the next couple of weeks. Prices this morning for the Nov-23 contract have fallen from yesterdays close down to 90.9p/th at the time of writing with a bearish sentiment across the market currently.
09/10/2023	NBP front month Nov-23 prices have risen sharply this morning and are close to 101.3p/th at the time of writing after last weeks close nearing the 94p/th mark. The headline news about the strikes in Australia haven’t progressed over the weekend as of yet as the workers at the two Chevron sites reignited the fears of lost LNG cargos with another vote to strike after Chevron supposedly pulled some of the agreements from the deal that was reached in principle close to 2 weeks ago. The UK system has opened almost 26mcm short this morning with an increase on demand, which is still 70mcm below the seasonal normal. Wind generation is expected to be higher this week and next week as some more unsettled windier patterns are forecast which could see a decrease in Gas for Power demand, however the forecast has the temperatu
10/10/2023	NBP prices sharply increased during trading yesterday and the market has opened with an upward move this morning. At the close of last week, the front month contract was trading in the mid 90p/th range and at the time of writing the same front month contract is now trading at 114.5p/th. There are various factors that are putting some upwards pressure on the market currently with the strike uncertainty in Australia, the unrest in the Middle East as well as the slightly colder than average spell that is forecast to arrive next week
11/10/2023	NBP prices were up sharply yesterday on the back of some headline news from around the world. The Cheveron workers look to have given notice to start work stoppages from the 19 th of October
12/10/2023	NBP prices have cooled slightly this morning after yesterday’s trading pushed prices up throughout the day but closed relatively close to the open. At the time of writing the front month Nov-23 contract is trading at 121p/th. Storages in the EU are now at 97.18% full which provides a very strong base for the upcoming winter months
13/10/2023	Yesterday NBP prices continued the bullish move seen this week with the front month Nov -23 contract closing almost 11p/th above the open.
16/10/2023	Despite cold temperatures and strong demand, the UK system is long and prices have opened slightly lower compared to Friday. Total UK forecast has surpassed 200mcm for the first time since May with cold temperatures of around 4/5°C below seasonal average lifting the heating demand from LDZs. The LDZ demand is at 134mcm, with CCGT also at 56mcm due to low wind generation. Even despite demand increasing as such, the figure remains 50mcm below seasonal average. Temperatures are set to remain cold tomorrow but the UK and North western Europe will see a strong warming from Wednesday onwards and the back end of the week should bring temperatures back above seasonal. Talks in Australia are ongoing today with Chevron and the Offshore Alliance locked together to try and smooth over an enterprise agreement to ward off strikes on LNG again. Oil prices experienced their largest daily gain in over 6 months as investors weigh up the risk of tensions escalating in the Middle East which could potentially threaten global Crude production and supply.
17/10/2023	Prompt gas prices are down this morning despite an undersupplied UK gas system, which is currently 14.1mcm short. Wind generation contributes 20% (6.9GW) to power generation and CCGT's contributes 41% (13.7GW). Further out, gas contracts have declined due to warmer weather expectations and almost full inventories. Parts of the region are now experiencing a cold snap as heating season begins, but milder temperatures are predicted to return by next week. In addition, Norway is facing minor supply disruptions due to outages at the Aasta Hansteen field, but nothing major enough to hinder Norwegian flows
18/10/2023	The NBP opened lower initially this morning but has since strengthened. The front month Nov-23 contract is currently pricing at 126.50p/th, roughly 5p/th higher than lasts night close. Despite the bearish fundamentals of improving wind and temperatures this week, as well as strong storage levels in Europe, the price action is being dominated by geopolitical events. Any escalation in the conflict in the Middle East risks disruption to European supplies and commodity transit routes in the region and tensions are rising, with a summit being held in Jordan with the US cancelled overnight. In bearish news, this morning has seen an agreement reached between Chevron and unions in Australia, putting an end to long running dispute over pay and working conditions. The strikes threatened to disrupt around 5% of global LNG supplie
19/10/2023	NBP prices have opened lower and held on to those losses throughout the morning despite continued volatility. The UK system is 17mcm short at time of writing, with total demand at 183mcm, 71mcm below seasonal normal. Demand is down significantly on high winds and above seasonal normal temperatures this week. On supply, Langeled is nominating at 51mcm with an unplanned outage at Asgard taking 6mcm of capacity offline. LNG send out is at 22mcm with the UK expecting 7 vessels to arrive by month end. European storage sites sit at 98% full, well above the 5 year average
20/10/2023	Prices on the UK gas market are being supported to the upside by rising tensions in the Middle East and cooler and calmer weather forecasts ahead. The UK system is 7mcm long at time of writing with total demand at 176mcm, 75mcm below seasonal normal. Today is the warmest day of the current mild spell with temperatures 4 degrees above seasonal normal. However, the weekend will see increased demand as temperatures cool back down to seasonal normal. The longer dated forecasts don’t show any prolonged period of significant cold for November which could see current storage levels maintained through the month. A forecasted drop in wind generation over the weekend is bullish for prompt prices as storm Babet pushes north through Scotland.
23/10/2023	NBP prices have opened a step lower this morning after the volatility experienced last week. Nov-23 contracts are trading at close to 120p/th at the time of writing. The temperature outlook for the UK for the rest of the month is above seasonal average and into early November the picture is the same which may see some reduction in usage for LDZ. The wind outlook is also below seasonal average after storm Babet passed through the north of the UK, we could see a significant drop in wind generation into early November which could push gas for power prices up on the front. The UK system opened 7mcm short this morning with demand slowly catching up to its seasonal average only 40mcm less demand than the average. The investigation into the Baltic pipeline explosion continues with investigations now focusing on a Chinese cargo ship in the area at the time. The conflict in the Middle East looks to have had some if the tension ease due to diplomatic efforts with humanitarian aid arriving into Gaza from Egypt. Geo political headlines continue to be the driver in the market and until resolutions are reached the market will continue to remain volatile
24/10/2023	The UK system has opened up relatively close to balanced this morning only being 2.5mcm short as the latest demand forecast is only 43mcm below the seasonal average demand. Nominations from Langeled are at 48mcm, down 10mcm from yesterdays nominations. Gas storages in the EU are now up to record highs at 98.59% as we approach tank top levels, the much less significant storages in the UK are approaching 100% full now at 99.7% as we approach the colder months. Currently the UK has 3 LNG cargos scheduled to land before the end of the month which is down in comparison to this time last October. Geo-political headlines from around the world continue to keep upwards pressure on energy prices along the curve as market players remain anxious about supply in the coming months. After the announcement the Finnish authorities were focusing on a Chinese ship when investigating the Baltic pipeline explosion, the Chinese government have made a statement and insisted that there must be a ‘Fair’ investigation suggesting that they are denying any involvement in the damage to the pipeline. NBP prices have opened slightly above yesterdays open with the front month Nov-23 contract trading at around 125p/th at the time of writing.
25/10/2023	NBP front month Nov-23 prices have opened up a step down from last nights close as the market has bearish fundamentals and bullish headline stories. One of the headlines stories driving uncertainty in the market is the disruption in the Baltic pipeline between Finland and Estonia. The Finnish police yesterday have announced that the damage is suspected to have caused by a Chinese cargo ships anchor. Further developments are expected in the coming days. The UK temperature forecast has dropped slightly as the start of November is now forecast to be 1-2 degrees below seasonal average which could see some pressure on the day ahead price as we enter November. The wind forecast is expected to be choppy as we enter November peaking and falling over the seasonal average multiple times. This could see wind generation higher as we enter November putting downwards pressure on gas for power prices.
26/10/2023	NBP prices remain volatile with the market struggling to decide weather the bearish fundamentals outweigh the significant geopolitical risk that faces supply as we head into winter. A cooler start to November has added some pressure to the prices as expected gas usage to be up over the first 3-4 days of the month. Flows from Langeled are up on yesterday by over 10mcm as the UK system opens close to 8mcm undersupplied. Demand for today remains close to 50mcm below the seasonal average, The UK has 6 LNG tankers expected to arrive between today and November 4th as LNG will play a much more prominent role in supplying Europe after Russian gas is much less prevalent in he market. NBP front month Nov-23 contracts are trading slightly up from yesterdays close at the time of writing at 126.8p/th.
27/10/2023	NBP prices opened slightly up this morning on the risk of the conflict in the Middle East widening to other energy rich nations in the region. Airstrikes in southern Syria have been said to have hit a munitions depot reported to be used by Iran which could potentially drag more nations into the conflict. EU gas storages are almost at 99% as we reach tank top levels. Storages in the UK are at 92% as flows from Langeled are up to 64mcm this morning. The UK system opened around 8mcm short today with some small extensions to maintenance at flags and Barrow. Egypt, who supply LNG to Europe, haven’t had any full cargos leave since the start of the Middle East conflict as the Tamer gas field was closed due to safety concerns. LNG for this winter is going to be a big part of supply to Europe as the wider effects of the conflict are taking their toll and LNG supply from Egypt and through the Suez canal may be become more scarce.
30/10/2023	Prices have opened higher on the NBP this morning following an escalation in the conflict in the Middle East, with ground offensives now underway. The UK system is also 15mcm short despite demand being at 206mcm, 54mcm below seasonal normal. The fundamentals remain bearish with EU storage holding at 98% and LNG arrivals increasing, with the UK expecting 5 cargos this week. Wind generation in the UK this week is set for a big uptick when Storm Ciaran arrives on Wednesday. However, temperatures are set to turn colder as we move through into the first half of November. The weekend also brought about an end to the Australian strike dispute with workers voting to support the proposed agreement.
31/10/2023	NBP prices have softened overnight with front month Nov-23 expiring today on the wholesale market. This contract is currently pricing at 122.60p/th at time of writing, with last nights close at 126.00p/th. The UK system remains short at -13mcm. Total demand is at 207mcm, 53mcm below seasonal normal. Norwegian outages supported the prompt yesterday with 2 unplanned events continuing into today. Both Karsto and Nyhamna are suffering combined losses in capacity of 40mcm, with the events scheduled to end on the 1st of November. Despite these tightening supplies and forecast colder weather in November, the fundamentals remain bearish with the market taking direction from good storage and improving LNG. A meeting tomorrow will see another US interest decision with the Federal Reserve likely to hold rates at current levels. This is impacting oil markets to the downside.
01/11/2023	Prices on the NBP initially opened lower this morning but have since climbed as global commodity markets remain buoyed by the conflict in the Middle East. In recent sessions, bearish fundamentals have dominated the price action with demand down on milder and windier weather and improving LNG supplies heading to Europe. The UK system has flipped to 11mcm long today after being short on previous days this week. LNG send out has increased to 53mcm, with Langeled back at capacity of 73mcm after several unplanned events earlier this week. Total demand remains well below seasonal normal, at 205mcm, with gas for power demand falling significantly to just 10mcm with the arrival of Storm Ciaran today. Windier and wetter conditions will set in over the next few days which will see an increase in wind generation in the power mix
02/11/2023	NBP prices have continued on the recent bearish trend at open this morning with weaker demand, strong supplies and good storage all impacting prices to the downside. Dec-23 on NBP is currently pricing at 121.20p/th, roughly 4p/th lower than last nights close. Above seasonal normal wind generation and milder temperatures is keeping demand for gas and power down despite the UK gas system being short today. Yesterday the US held interest rates at current levels, with the UK expected to make the same decision today. The ongoing conflict in the Middle East continues to cause concerns around supply disruption in global commodity markets
03/11/2023	Prices are relatively flat to last nights close in the morning session today. The NBP front month contract is pricing at 125.90p/th at time of writing, with last nights close at 126.10p/th. Bullish news over recent days has limited the slide we saw earlier in the week, driven by bearish fundamentals. The system has been undersupplied for most of this week with Norwegian outages restricting supplies slightly. Today there are unplanned outages at Kollsnes and Aasta Hansteen taking capacity offline. Yesterday’s storm saw LNG cargos being unable to dock due to high winds and so there are now delays in offloading. Also yesterday, the US placed additional sanctions on Russia’s Arctic LNG 2 project, heightening geopolitical tensions. We are also coming out of the mild and windy weather scenario we have seen over the last week. Wind and temperatures are now more in line with seasonal normal and so demand has steadily increased.
06/11/2023	NBP front month Dec-23 contracts have opened a step down this morning as the bearish fundamentals seem to have had more of an influence than the risks currently posed by the conflict in the Middle East. The wider risk of the Middle East still remains and if other countries in the region become involved in the conflict we could see the bulls start to have more of an influence in the market. EU storages are now up to record level 99.55% full as the cooler months approach, the less significant UK storages closely follow at 99.47% full. The UK system opened up close to 10mcm long this morning as Langeled flows are currently at 73mcm, close to their capacity. Temperatures are expected to dip below seasonal this week along with wind which could add some pressure to the DA price as more gas for power and demand for heating could become prevalent.
07/11/2023	The NPB front month Dec-23 contract has opened slightly below its closing price yesterday trading at close to 118p/th at the time of writing. Bearish fundamental pressure still seems to outweigh the conflict risk from the Middle East. The UK system opened up relatively close to balanced this morning as demand still trails the seasonal average demand by close to 40mcm. The weather outlook for the UK has this weeks temperatures dipping below the seasonal average which could see demand for gas increase and put some pressure on the DA price. The outage at the Barrow gas site is set to conclude adding further bearish sentiment to the market. The UK government has announced plans to mandate the North Sea gas and Oil licencing rounds as the government looks to firm up the supply of energy to the UK.
08/11/2023	NBP prices have continued to slide this morning as the bearish fundamentals still seem to be in control of the market. The war risk carried by the conflict in the Middle East remain especially with Israeli operations now in Gaza City which could see the conflict escalate. The USA has called for pauses to the conflict in order for humanitarian aid to be administered and the G7 is likely to follow with a similar statement. The UK system is long again this morning making it 3 consecutive days where the supply has outweighed demand. Langeled flows are back up today and are now at 73.4mcm, very close to the capacity of the pipeline. With storages in the EU now at very close to 100%, the strong supply in the market seems to be making more of an impact as even with some of the colder weather predictions for the winter, the storage looks to be enough to see Europe through.
09/11/2023	This morning NBP prices have continued their choppy sideways trend seen this week as the bearish fundamentals become more influential in the market. The significant risk in the conflict in the Middle East still hold some premium in the market and with the potential escalation of the conflict those premiums could only get more expensive, and the market is at risk of rising. The UK system is significantly long this morning by close to 27mcm, making it the 4th day this week where the supply has outweighed demand. The UK has 8 LNG cargos signalling to land in November as LNG becomes a much more important source of gas as the cooler months approach. Some cooler weather and below seasonal wind generation is putting some pressure on prices at the front of the curve.
10/11/2023	NBP prices have fallen a step down this morning from yesterdays close as the prices rallied slightly yesterday. Some cooler temperatures and lower than seasonal wind generation caused demand for LDZ to increase and put some upwards pressure on the market. The UK had a net withdrawal from storages yesterday as storages are close to 100% in the UK and 99.57% in the EU. Some of the premiums in the market due to the war risk from the Middle East conflict look to have fallen slightly as some diplomatic talks look to be taking place as Israel have agreed to daily 4 hour pauses in the conflict to allow humanitarian aid to be administered. The UK system is again long, making it everyday this week where supply has outweighed demand. This morning the supply was 6.3mcm above the demand. The demand figure is 12.1mcm below the seasonal average. It has been noted in various media sources that prices on a Friday can be slightly bullish because of the forthcoming geopolitical news expected over the weekend.
13/11/2023	NBP prices have opened a touch lower after the weekend. The Dec-23 front month contract is currently pricing at 116.00p/th at the time of writing, around 1p/th lower than Friday’s close. The UK system is balanced at 2mcm long today with total demand at 220mcm, 45mcm below seasonal normal. Demand remains below seasonal normal off the back of a bearish weather picture this week, with both wind and temperatures holding above seasonal normal. DA is taking some support from a maintenance extension at Oseberg, despite Norwegian flows along the Langeled pipeline nominating near capacity today, at 70mcm. The fundamentals reman bearish on improving LNG supplies to Europe, as well as very strong storage levels for the time of year, with Europe holding at 99% fullness
14/11/2023	NBP prices have opened up lower this morning. The Dec-23 front month contract is pricing at 116.00p/th at the time of writing, around 4p/th lower than last nights close. The UK system is 9mcm short, with total demand at 244mcm, 21mcm below seasonal normal. LNG continues to flow into Europe, with the UK now expecting 8 LNG vessels to arrive by the 27th of November. Norwegian flows remain restricted with the outage at Oseberg extended another day, until tomorrow. A new unplanned outage at Gullfaks is also taking an additional 5mcm of capacity offline. In bearish geopolitical news, Chevron resumed production at its Tamar gas field yesterday, in Israel, following a shut down when the conflict in the Middle East began. On weather, both temperatures and wind generation are decreasing as we move through the week following the passing of Storm Debi.
15/11/2023	The NBP has opened around 3p/th higher this morning, with the Dec-23 front month contract at 122p/th at time of writing. Demand in the UK is increasing due to falling temperatures and wind generation. Today’s system has opened balanced, at 1mcm short. Total demand is at 265mcm which is in line with seasonal normal. The unplanned outage at Oseberg continues, with the latest update being a 10mcm capacity loss running until tomorrow. Increasing demand is driving prices upwards despite EU storage levels holding at 99% fullness. Oil has risen over recent sessions, driven by forecasts revisions to Chinese demand. Brent is currently trading around $82.00/bbl.
16/11/2023	The UK system has opened relatively balanced this morning as the latest demand forecast has demand above the seasonal normal level. The latest demand forecast has demand at 169mcm and the seasonal normal is 168mcm. This is due to the cooler weather and lower wind generation that is being experienced this week. IUK has been closed due to maintenance meaning no UK produced gas is being exported to the continent through the pipeline which should increase the amount of supply to the UK system. With cooler weather expected to continue, the increased demand due to IUK being closed may be balanced by the increase that could be seen in LDZ demand. NPB prices have opened a step lower than yesterdays close with the front month Dec -23 contract trading close to 119p/th at the time of writing. EU & UK storages are slightly down as the cooler temperatures and increased demand force withdrawals to balance systems.
17/11/2023	The UK system opened short by close to 21mcm this morning with the demand for gas yet again outweighing the seasonal normal as cooler temperatures and lower wind generation looks to be increasing demand. Trading this week has been choppy with prices not having a clear direction and the opening prices this morning not being dissimilar to the opening prices on Monday. The weather outlook has temperatures up over the weekend as well and wind generation so we may see DA prices fall as well as some lesser demand for LDZ. Oil prices have taken a tumble this week close to a 4 month low on the back of the easing of supply concerns and the premiums in the market from the conflict in the Middle East look to have fallen away somewhat.
20/11/2023	NBP prices have opened higher to start the week, driven by colder weather forecasts and news of a ship being seized by rebels in the Red Sea. Temperatures are expected to drop below seasonal normal at the weekend and remain below into early December. Wind is also expected to drop away at the same time and so these weather changes will bring additional demand in the UK. The market has also moved higher following escalations in the Middle East. Geopolitical tensions are rising given the ongoing conflict and the threat to international maritime security after a vessel was seized. Expectations of further OPEC cuts is also driving the oil markets higher, with the conglomerate meeting on the 26th of November.
21/11/2023	The NBP has softened slightly this morning, with the Dec-23 front month contract currently trading at 114.70p/th, roughly 1.50p/th lower than last nights close. The UK system is 8mcm short at time of writing. with total demand at 246mcm, 25mcm below seasonal normal. The short system is being driven by an increase in gas for power demand following a drop in wind generation. However, wind speeds are set to pick up strongly in the coming days. Supplies remain healthy as LNG, UKCS and Norwegian gas continues to flow into the UK. We have seen alignment in the temperature forecasts overnight with notable cold at the back end of this week. Temperatures will fall as much as 5 degrees below seasonal normal, driving additional heating demand.
22/11/2023	The NBP has lifted slightly at open this morning with the market holding on to losses seen yesterday off the back of bearish fundamentals. The uptick in prices can be attributed to volatility in the weather forecasts, with longer dated models showing more cold for early December in the morning runs. This comes as the weekend is set to see a brief dip in temperatures and wind generation which is supporting prompt prices to the upside. There have been developments in negotiations between Israel and Hamas overnight, with an agreement reached to allow for the release of hostages. In FX news, Jeremy Hunt is set to deliver the Autumn Statement this afternoon with the markets expecting some changes to policy on taxes.
23/11/2023	The UK gas market has opened higher in this morning’s session, with the Dec-23 front month contract pricing at 114.55p/th at time of writing, roughly 2.5p/th higher than last nights cold. Colder weather and low wind are supporting prices to the upside with demand set to increase over the coming days. The system is 15mcm short with total demand at 223mcm, 50mcm below seasonal normal. The oil markets remain well supported on an OPEC meeting, initially scheduled for the 26th, being pushed back. This is driving uncertainty around an anticipated production cut. Coal prices are also on the rise on supply issues and rising demand ahead of the impending cold snap.
24/11/2023	Colder weather is the main driver at play in the markets today, with temperature forecasts now showing a prolonged period of cold. Temperatures are set to drop around 4 degrees moving into the weekend with the below seasonal normal temperatures expected to last well into December. The NBP DA price has lifted up to 123p/th at time of writing with the spread between DA and front month widening, with Dec-23 at 119p/th at time of writing. The UK system is short yet again, by 4mcm today. With total demand at 225mcm, 43mcm below seasonal normal, with demand set to lift in the coming days. Despite the upcoming cold, bearish fundamentals remain, with good supplies coming into the UK from Norway and LNG and European storages being at 98% fullness
27/11/2023	NBP prices gapped up this morning but since have fallen back to levels seen on Fridays close. The main driver of the prices on Friday was the cooler weather forecasts that predicted some extremely cold temperatures for early January, these cooler temperatures look to have fallen out of the forecast now. Over the weekend Europe has experienced some cooler temperatures across the board meaning there have been some strong withdrawals from storages with EU storages now down to 97.69%. In the UK the main driver in demand has been from LDZ consumption. Flows from Langeled are close to capacity and LNG send off has increased as well as the UK has a steady supply, this has been reflected by the system this morning opening up close to 20mcm long. The latest demand forecast has demand nearly 7mcm above the seasonal average.
28/11/2023	UK gas prices have opened lower this morning despite the continuation of cold weather lifting demand UK gas prices have opened lower this morning despite the continuation of cold weather lifting demand UK gas prices have opened lower this morning despite the continuation of cold weather lifting demand UK gas prices have opened lower this morning despite the continuation of cold weather lifting demand UK gas prices have opened lower this morning despite the continuation of cold weather lifting demand UK gas prices have opened lower this morning despite the continuation of cold weather lifting demand UK gas prices have opened lower this morning despite the continuation of cold weather lifting demand UK gas prices have opened lower this morning despite the continuation of cold weather lifting demand UK gas prices have opened lower this morning despite the continuation of cold weather lifting demand UK gas prices have opened lower this morning despite the continuation of cold 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29/11/2023	UK gas prices continued to trade with downward pressure on Tuesday even with the cold temperatures and increased demand. Strong sendout from UK storage and LNG terminals ensured that the UK market remained oversupplied throughout. The relatively shortlived nature of this cold spell is failing to grip markets at present with a warm up expected next week. Temperatures are set to remain cold until Sunday, before a more notable warm up is visible in weather models. Overnight temperatures across the UK will continue to drop below freezing and bring demand levels up. A marked difference compared to next week with temperatures climbing from 5/6°C below average, to 5/6°C above. The ESO has called the first demand flexibility service for the hours between 17:00 and 18:30 tonight requiring 500MW of capacity to be made available due to tightness. Low wind is bringing supply margins tight during the peak hours later today. Oil prices showed some gains on Tuesday, climbing over $1.50/bbl as OPEC+ held last minute discussions ahead of 30th November announcement with expectations of a production cut, whilst in Kazakhstan a storm in the Black Sea region cut production on the largest field
30/11/2023	UK gas prices have ticked upwards this morning, fuelled by the increased demand and continuation of cold temperatures. The UK system is short by 10mcm, with forecast demand reaching 357mcm, 26mcm higher day on day. The demand figure is 80mcm above seasonal average with temperatures plunging below freezing overnight. Total UK supply is expected at 374mcm today which should balance the grid by close. Despite the increased demand and outlook for further cold in the coming days, the UK market has been bearish with prices retreating downwards, as a spell of warmer air is set to follow this week. Low wind generation results in strong CCGT burn for today and the UK continues to withdraw gas from storage facilities to help meet the demand. The market should receive information around the OPEC+ production quota later today following reports of disagreement about targets which had recently caused Oil prices to come off.
01/12/2023	UK gas prices have opened higher this morning, spurred on by the subzero temperatures, increased demand, and lack of wind generation. Total UK forecast demand is expected to reach 368mcm today, 95mcm above seasonal average which is resulting in the UK supply picture working hard to keep up with consumption. On Thursday, UK storage sites withdrew at a rate of 77mcm, a 2023 record, but this has been surpassed today with storage withdrawals at 84mcm. LNG flow into the UK is up at 11mcm with two more cargoes set to arrive into British terminals by the end of the weekend. Temperatures should start to ease up after Sunday and bring a warmer start to next week, before moving above seasonal average from Wednesday onwards. Oil prices lost 2% on Thursday, as OPEC+ production cut fell well below market expectations with a 2M cut for Q1-24. 1.3M of that cut is already voluntarily offline from Sa
05/12/2023	It has been a bearish open on the NBP this morning with gas prices continuing to fall on strong supplies and milder weather forecasts. The front month Jan-24 contract is currently pricing at 100.40 p/th, in line with yesterdays close, having broken the key level of support of 100p/th earlier this morning. The UK system is 6mcm long, with total demand at 323mcm, 47mcm above seasonal normal. LNG supplies into the UK are nominating at 105mcm with 8 vessels expecting to arrive through the first half of December. Norwegian flows into the UK are also nominating near to capacity. European storages remain strong at 94% having seen some withdrawals through the cold spell last week. Wednesday and Thursday this week will see the last of the cold for now, with temperatures set to rise around 8 degrees, holding 2 or 3 degrees above seasonal normal going into the weekend.
06/12/2023	NBP prices have lifted at open this morning, bouncing back from the strong sell off we have seen over recent days. The Jan-24 front month contract is pricing at 99.00p/th at time of writing, roughly 4p/th higher than last nights close. The UK system has tightened, flipping short to -6mcm with total demand at 327mcm, 52mcm above seasonal normal. The strength in demand is coming from the weather, with wind speeds 4m/s below seasonal normal today, driving increased gas for power generation. Temperatures are also around 4 degrees below seasonal normal which is driving additional heating demand. European gas markets continue to be bearish on strong supplies and very healthy storage levels for the time year, despite some colder weather in recent weeks and the geopolitical risks that still remain.
07/12/2023	NBP prices have opened a step up this morning after a yesterdays sideways/slightly bearish trading session. The Jan-24 contract is back above 100p/therm at the time of writing. The UK system has opened up short again this morning by just 3.9mcm as the demand for today significantly outweighs the seasonal normal by over 15mcm. Despite the system being short, the supply into the system is strong with Langeled flows close to their capacity currently running at 72mcm and the supply from LNG also running at a high level. The UK has 11 LNG cargos scheduled to land before the end of December as LNG plays an ever more critical role in the UK supply. Withdrawal from storages are well under way with the storages in the EU now down to 92% and UK storages at 71%.
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