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02/01/2024	UK power contracts moved in line with NBP gas. Spark spreads were up along the curve with the exception of March 24.
03/01/2024	UK power contracts shed value driven by the underlying NBP gas. Front year UK Emissions fell 7% yesterday which put further downward pressure on the curve. French nuclear availability for the remainder of this week is expected to be 48.9GW/day which is 1GW above the 2019-2023 average, comfortable French supply will gratify the UK power bears.
04/01/2024	Prompt power prices climb amid lower wind generation. Generation was revised down to less than 20% below average for the remainder of this week. Similarly, the remainder of the curve moved up in line with the underlying NBP.
05/01/2024	The UK prompt and near curve lifted on Thursday driven by stronger gas and weak prompt wind. Wind production for the remainder of the week was revised downwards by 0.6GW/day. Wind generation in the UK will remain below seasonal normal until the end of the 3rd week in Jan before returning to seasonal normal.
08/01/2024	Near curve spark spreads shed value on Friday’s session although front month was able to buck that trend. France regained its position as Europe’s top power exporter in 2023 overtaking Sweden. A 15% year on year increase in nuclear output allowed France to reclaim the top spot. Increased hydropower and wind generation coupled with subdued domestic demand also contributed.
09/01/2024	UK Power contracts fell in line with NBP and UKAs. Front year carbon fell 7.5% on Monday which added pressure to the far curve. French nuclear availability will average 54GW/day for the rest of January, which is 4.6GW/day above the 2019-2023 average and will likely mean French power exports to the UK remain healthy this month.
10/01/2024	The UK power curve once again conceded to bearish pressure from carbon and gas markets. Carbon fell a further 2.5%. UK net power imports from France through January so far have averaged 2.3GW/day across all three interconnectors, which is 1.4GW/day more than the imports received from France in January 2022.
11/01/2024	The UK power curve shed value yesterday amid a largely unchanged gas market and weaker carbon. Front month traded £1.08/MWh lower, the corresponding spark also lost £0.65/MWh.
12/01/2024	Despite an upcoming increase in power demand amid low temps and wind generation being up to 20% less than seasonal normal next week, UK power contracts still traded weaker day on day. So far this winter the UK has benefited from a healthy French power supply. French run-of-river hydropower in January so far has averaged 5.9GW/day, 0.9GW/day above 2019-2023 average. Additionally In 2024 so far, French demand levels averaged 59.5GW/day, 8.6GW/day below 2019-2024 average for the same period.
15/01/2024	UK Power traded higher session on session amid stronger NBP gas and a more bullish weather picture. In the week commencing 15th Jan UK temperatures set to average 3°C below seasonal in, likely increasing heating demand. Similarly wind output set to average 11GW/day, 10-20% below norm, likely supporting gas-for-power demand. The cold snap and period of relatively weak wind, comes at a time with low nuclear generation in UK which influenced the pick up in the power curve.
16/01/2024	Power prices and sparks alike were pressured by high wind production and weaker European gas hubs. TTF, Europe’s most liquid hub saw their front month contract dip below EUR 30/MWh bringing the UK NBP and associated power curve down with it. UK Front month power shed the most value day on day across the curve, losing £4.51/MWh to settle at £72.50/MWh.
17/01/2024	The UK power front month contract dropped to a fresh 5-month low, settling at £71.55/MWH after losing £1/MWh session on session. UKA’s continued their descent, closing lower for the seventh consecutive session to settle at £34.76/tCO2.
18/01/2024	Yesterday the UK power curve closed lower session on session, the outcome of continued bearish weather fundamentals coupled with a weaker carbon market. Wind-power generation is predicted in line with seasonal normal for the remainder of this week; but will rise well above norm by more than 20% during next week.
19/01/2024	UK power contracts recovered some of this week’s losses, front season Summer 24’ gained £2/MWh but remains down week on week. UK Carbon also bucked its bearish trend, gaining £0.69/tCO2. Power net imports have averaged 1.8GW/day in January so far, 0.8GW/day lower than average net imports received in January 2023, elevated wind levels in the UK so far this month are likely contributing to the 1.8GW net import level.
22/01/2024	The prompt traded lower on Friday amid strong upcoming renewable generation. The curve was lifted by the underlying NBP contracts trading higher. UK carbon also contributed to lifting power contracts, Dec ’24 emissions settled £1.73/tCO2 higher.
23/01/2024	Power prices tracked losses across the bearish fuel mix. Temperatures across mainland Europe have been forecast well above seasonal average for the remainder of the week. Europe’s biggest gas consumer Germany will see temperatures at least 3 degrees above seasonal normal until the end of the month, the UK will similarly see temps comfortably above normal during this period which will reduce power demand. Demand for the rest of month will be approximately 2-3GW below seasonal normal.
24/01/2024	Power contracts registered further losses driven by the bearish outlook. British nuclear generation has averaged 3.3GW through January to-date, 2.5GW below the 2019-2023 average for January.
25/01/2024	UK power curve followed a bullish trend on Wednesday, supported by bullish gains on NBP. Most of far curve lifted, supported by a stronger UK carbon contract for December ’24. The front month spark spread lifted £0.67/MWh likely driven by a downward revision in UK temperatures for the first half of February, temps across the back end of February are now expected to be below seasonal normal.
26/01/2024	The front month UK power contract Feb-24 lost £3.04/MWh in value during yesterday’s session, while the associated spark spread lost £1.27/MWh, a sign the upside risk is fading as we approach delivery. UK Wind power generation across the next few weeks was revised higher, this will alleviate some pressure from gas fired generation. Carbon equally eased by £1.29/tCO2, a wider impact of the comfortable level of wind generation coupled with the bearish complex.
29/01/2024	The UK power curve drew support from the wider fuel mix on Friday. Temperatures over the first half of February will be 1-3 degrees above seasonal normal which will supress heating demand. The front month power contract Feb ’24 gained £0.77/MWh, however the spark spread lost a notable £1.19/MWh highlighting power fundamentals remain comfortable.
30/01/2024	Week 6 traded at a tighter premium to the front week on Friday, which rose on the day but expired in line with its average assessment this week.
31/01/2024	UK power settled higher day on day driven by gains on the NBP gas hub and UK carbon. Carbon rose 6% yesterday recovering most of the losses made on Monday.
01/02/2024	UK Power once again drew support from the underlying NBP gas hub. March 24 gained £1.10/MWh however spark spreads along the curve were mostly unchanged.
02/02/2024	Power prices continued their descent on Thursday amid largely bearish fundamentals. Both temps and wind in the first half of February are expected above seasonal normal, solar generation will begin the month below normal before returning to seasonal average from mid-February onwards. Seasonal normal solar for February is between 750MW-1GW so underperforming solar is negligible in this period of weak to normal demand.
05/02/2024	UK power contracts lifted on Friday amid bullish carbon and gains in the NBP near curve. Carbon gained £1.41/tCO2 which supported near curve contracts. Wind generation in the UK is set to average 10-20% above the norm at 14.9GW. Similarly wind power production this week across France, Germany and the Netherlands is set to be well above the seasonal norm by more than 20%.
06/02/2024	Monday saw the UK power curve retreat in line with NBP amid a mostly bearish fundamental picture. An unplanned full capacity outage on the 1.5GW Viking Link interconnector between the UK and Denmark began on 4 February and is expected to return to service by 7 February.
07/02/2024	UK Power bucked the trend set by the NBP yesterday and registered marginal losses. UKAs shed 7.1% day on day which would have been one of the key reasons for losses seen on the curve. The day ahead contract was supported by weak wind generation and a 24-hour extension to the Viking link outage, now expected to return on Feb 8th at 2300.
08/02/2024	UK Power shed value in line with NBP gas and Carbon. The Dec-24 UKA contract fell a further 2.2% session on session. Sparks along the curve remained steady. A comfortable French power market continues to contribute to bearishness in the UK, as French supply margins remain comfortable due to reliable nuclear.
09/02/2024	UK power prices also contracted on Thursday. A late rally in UKAs meant carbon was able to hold its value, limiting the bearish impact of the wider fuel mix.
12/02/2024	Friday saw the power curve dropped in value, pressured by NBP and higher prompt wind. Wind-power production for week commencing 12th Feb was revised upwards, now expected 10-20% above seasonal normal at an average of 13.7GW.
13/02/2024	UK carbon shed value on Monday, falling £0.75/tCO2. The move in carbon coupled with comfortable temperatures and above seasonal normal wind generation from late Feb into march helped soften prices along the power curve. Front month power dropped over £3/MWh with the corresponding spark losing £0.85/MWh.
14/02/2024	Wind power is expected to drop below seasonal normal for the remainder of the week but make a swift return to above normal early next week and remain comfortable until mid-March. UKAs remained resilient yesterday and gained £0.83/tC02 reducing losses on the far curve. Summer ’24 the front season UK power lost £0.61/MWh.
15/02/2024	The UK power curve took lead from the NBP gas hub on Wednesdays session. Further weakness was seen in the spark spreads, although Summer 24 sparks remained resilient. Week ahead Baseload power fell by £1.32/MWh with the spark contracting £0.89/MWh, front-week wind output was revised 1.8GW higher to 14GW.
16/02/2024	The NBP has opened similar to yesterday with prices slightly higher than last nights close. However, trading continues to be range bound after heavy losses in recent days. Poor wind generation and an unplanned outage at Kollsnes is adding support with the fundamentals still bearish. The UK system is 4mcm long at open with total demand at just 207mcm, nearly 80mcm below seasonal normal. LNG send out has increased to 61mcm driven by vessels diverting away from French LNG terminals, due to ongoing strike action, to the UK and other European terminals. However, Norwegian imports along the Langeled pipeline have decreased with the 23mcm capacity loss at Kollsnes now with an end date of tomorrow. Temperatures in the UK are very mild at 7 degrees above seasonal normal today, resulting in the weak demand figures.
19/02/2024	UK Power fell on Friday, driven by bearish NBP gas coupled with strong prompt wind generation. Wind gen for the week commencing 19th Feb was revised from 15.2GW to 15.8GW, taking it to 3.5GW above seasonal normal.
20/02/2024	The UK power curve shed value on Monday’s session as losses on Carbon and NBP weighed on power contracts. UKAs for Dec ’24 fell 4.3%
21/02/2024	Wind generation for the remainder of the week is forecasted 10-20% above seasonal normal at 14.2GW. Carbon climbed 2.2% on Tuesday’s session which supported far curve contracts. The UK’s latest capacity market auction for 2024-25 delivery cleared at £35.79/kW per year.
22/02/2024	European gas prices remained relatively unchanged on Wednesday as temperatures fluctuations stabilised. LNG vessels reaching European shores remain ample with the majority of U.S. originated cargoes continuing to see Europe as the preferential market; driving off a combination of reduced sail time, higher frequency trading and the logistical challenges faced in both the Red Sea (piracy) and the Panama Canal (low water levels), discouraging Asian demand from U.S. producers. European demand also continues to wane off mild fundamentals with the 10day EU storage withdrawal falling to 2.3TWh/d, a six year low for this time of year. By end-of-day the front month NBP Gas contract closed marginally up, settling at 58.85p/th. Spark spread remained relatively unchanged post the announcement of the T-1 24/25 capacity market auction which cleared at £35.79/kW/year, a 40% drop compared to 23/24 auction. Both the Sutton Bridge and Severn Power CCGT power stations were not awarded capacity, placing questions on whether they shall run next winter. Nevertheless, ample supplies and current expectations of interconnector flows from France in Winter24 has reduced concerns of market tightness.
23/02/2024	Strong supply fundamentals within season saw continued downward pressure on the European power and gas market yesterday with the front month NBP Gas contract dropping 3.4% day-on-day. Continental temperatures remain +1C above seasonal average and has combined with the lowest EU storage withdrawals over February thus far in seven years, 43% lower than the 2018-2023 average. Additionally, strong oil prices have buoyed LNG exports from the U.S. of late, record production from the Permian basin has contributed to excess gas supplies; a by-product of oil extraction in the region. This has weighed heavy on U.S. gas prices and increased the arbitrage opportunities for shipping LNG into Europe, a region in need of additional supplies now Russian gas has been curtailed. With the restrictions of passage in both the Suez and Panama canals, Europe continues to be seen as the paramount destination for not-on-contract LNG cargoes. The power market also followed the bearish sentiment held within the continental gas market with the winter’24 contract notably dropping £1.58/MWh.
26/02/2024	Front month power gained £1.27/MWh on Fridays session, boosted by gains on the NBP. UK power imports from Denmark averaged 0.5GW last week, roughly 0.2GW less than imports received in the week before.
27/02/2024	Mondays gains on the UK power curve were driven by the upward trend on British NBP gas hub. March baseload power, currently the UK’s Front month contract gained £1.96/MWh during yesterday’s session. Gas-fired power generation during February to date has averaged 8.5GW, 2.4GW below the 2019-23 average.
28/02/2024	The UK power front-month contract settled at £58.75/MWh, gaining value for the third consecutive session, having climbed 7.3% from a near two-year low set on 19 February. The UK’s latest T-4 capacity auction cleared at a record £65/kW, 42.8GW of generation was secured for the delivery year 2027/28. The previous record of £63/kW was achieved last year for the 2026/27 delivery period.
29/02/2024	Prices across both the UK & continental Europe continued on its sharp rebound on Wednesday with the front month contract lifting 2.3p/th to settle at 63.27p/th. Despite fundamentals remaining largely unchanged, concerns over Norwegian summer maintenance cast uncertainties over the supply margin overhang in Europe by end of September. Nevertheless market equilibrium remains stable in the prompt with temperatures across NW Europe expected to remain 1.5C above seasonal average for the forthcoming week. EU storage has seen the lowest withdrawals over February since 2014, averaging only 3.21TWh per day, 38TWh less than Feb’23; an equivalent of 35 medium sized LNG tankers. Supply from LNG has grown significantly since Russia’s invasion of Ukraine and whilst flows has begun to slow from its seasonal high in January, as the marginal supply of gas into the continent, the reduction is primarily driven by diminished consumption demand.
01/03/2024	Prices partially retreated on Thursday off assurance from core fundamental supplies into both the UK & continental Europe. The greatest price drop was seen on the Q3’24 contract which fell 1.48p/th by end-of-day off the combination of record storage levels and a low maintenance schedule on Norwegian gas fields. Summer’23 itself saw the lowest output from Norwegian fields since 2014, mainly attributed to stress caused by extended runs during the previous year as Europe looked to maximise supplies in wake of Russia’s invasion of Ukraine.
04/03/2024	This year Norwegian flows are expected to return to seasonal average flow rates, easing the reliance on LNG and enforced consumption reduction. LNG demand in NE Asia continues to remain low as mild temperatures, logistical challenges faced from avoiding the Red Sea and faltering economies in the region takes its toll. Total flows into the region dropped 15% month-on-month, higher than that witnessed in Europe which is seen as the preferable destination for not-on-contract cargoes in the Atlantic theatre.
05/03/2024	UK Power prices rose in line with NBP gas on Monday. The April 24 baseload contract which is now the front month rose £1.21/MWh, however the spark spread lost £0.58/MWh. The French nuclear authority ASN confirmed corrosion at the 910MW Blayais 4 nuclear reactor in Western France. Issues with corrosion plagued French nuclear reactors in 2022 with nuclear outages rising 47% in 2022.
06/03/2024	Like NBP, UK Carbon contracts have seen significant upward moves over the last few trading sessions which has contributed to the uplift in Power contracts. Day-Ahead power received support not only from NBP gas but a sharp reduction in wind. The UK will see wind power generation go from a high of 17GW on Tuesday 5th to an average of 6.8GW on Wednesday 6th March.
07/03/2024	In the prompt horizon strong wind generation for remainder of this week, at a daily average output of 15.1GW which is 20% above average is likely to reduce gas-for-power demand.
08/03/2024	The UK power curve fell through Thursday’s session, tracking underlying movements at the NBP gas hub. In a similar vein, UK Carbon for December ’24 fell 1.7% session on session
11/03/2024	The UK power curve had a mixed session on Friday, but overall movements were muted. Far curve contracts were pressured by UKA December ’24 dropping by 0.8% day on day. UK power supply was set to begin improving as Hartlepool 1 was expected to begin ramping up on the 8th of March. Nuclear power production during 1-7 March averaged 3.5GW, 0.8GW below the average output for the same period 2023.
12/03/2024	Strong supply fundamentals across the UK & continental Europe saw a notable drop in gas prices on Monday. Much of the focus now resides within summer injection requirements and with storage at its highest levels since 2011 for this time of year, the Summer’24 contracts dropped 5% day-on-day to settle at 62.54p/th. EU storage currently sits at 691TWh, a 209TWh greater than the five-year average off a combination of low consumption demand within the industrial sector and mild temperatures throughout much of this winter. LNG flows have begun to react to the oversupplied market with last week receiving the lowest weekly flows since Sept’23 as demand begins to taper. Power followed the bearish sentiment within gas to drop and indeed exceeded the proportional price falls as sparks awidened. Due to strong renewable supply, clean sparks for the summer peak contracts are currently negative, suggestion zero CCGT running for period, subjecting running profiles to much shorter late evening run-times. Additionally, reports are suggesting that the UK government is expected to reveal plans to introduce a zonal pricing system later today. This aims to better reflect the supply and demand dynamics of specific zones in the UK, the expectation would be that prices increase nearer to demand centres and therefore increase the rollout of generation, specifically renewable, in those zones.
13/03/2024	The UK power curve rose during yesterday’s session amid a downward revision in wind generation and temperatures from the 22nd march onwards. These revisions will lead to more CCGT power demand. Front month power rose £0.60/MWh which the corresponding spark rose £0.04/MWh.
14/03/2024	UK Power contracts had a mixed session on Wednesday, week ahead power gained £1.69/MWh driven by a downward revision in wind power generation for the upcoming week, generation levels are now expected at seasonal normal and will likely average 11.5GW. The UK power near curve followed the bearish NBP hub on Wednesday session, however far curve contracts were able to buck the trend as seasons from summer 25 onwards made modest gains.
15/03/2024	Thursday saw a sharp uplift across the global energy complex as speculative funds bought heavily into the close on marginal supply tightening in U.S. gas. Weekly withdrawals in the world’s largest gas producer were slightly higher than expected, albeit only by 6bcf & equivalent to just 1.5 LNG vessels. The uplift compounded reduced LNG flows reaching Europe over the last few weeks despite the continent remaining fundamentally well supplied. EU storage itself remains 60% full, a record level date-for-date and 50TWh above this time last year. Curtailment in LNG flows is expected to increase over the next few months as Europe looks to balance summer injection flows, yet without consistent flows from Russia via Nordstream, risk for next winter is keeping volatility inflated. The UK power market followed much of the uplift in gas compounded by further rallies within both the EUA & UKA carbon markets with sparks remaining largely unchanged. By end-of-day the front month contract had lifted £2.44/MWh to settle at £61.17/MWh.
18/03/2024	The UK power curve made gains on Fridays session, with front month power adding £2.09/MWh. French nuclear availability for the week commencing 18th March is expected to average 44GW, which is 2.5GW above the 2019-2023 average. The UK – France peak spread initially widened to about £10 after corrosion was found at Blayis 4 nuclear reactor in France but has dropped back by about £5. However, the IFA1 interconnector between UK-France scheduled to undergo planned construction works from 18-21 March, limiting the UK’s ability to benefit from comfortable French nuclear supply.
19/03/2024	Front Month UK Power gained £3.11/MWh session on session, however the associated Spark lost £0.54/MWh. Wind power generation expectations for the remainder of this week were revised up from 11.5GW to 12.9GW, which is at least 20% above the seasonal norm, the coming week is expected 10-20% above normal. UK nuclear generation in March so far has averaged 3.5GW, 1.4GW below the 2019-2023 average for the month.
20/03/2024	UK curve contracts lost value on Tuesday after a sell off in UKA’s. Dec 24 UKA’s lost 5.3% day on day. The prompt horizon has also been pressured with ample wind generation.
21/03/2024	The UK power curve shed value yesterday as it came under pressure from bearish NBP moves. Gas-fired power generation averaged 8.8GW through March to date and wind-power production averaged 10.6GW, 3.2GW less and 1.9GW above the respective 2019-2023 averages so far. Despite higher wind generation, low nuclear output in the UK this month has encouraged more CCGT running.
22/03/2024	UK Power prices fell in line with NBP and weaker carbon. UK Front month lost £2.74/MWh with the spark spread losing £0.38/MWh.
25/03/2024	UK Power contracts lifted on Friday in line with NBP and UKA upward moves. Sparks however lost value following and upward revision in wind power generation from week commencing 25th march until mid-April.
26/03/2024	The UK power curve lifted in line with NBP gas and carbon on Monday. Front month power traded £2.58/MWh. Wind output in the prompt was revised higher by 0.3GW for the remainder of this week and 1.6GW for next week which helped soften spark spreads.
27/03/2024	Strong UK wind generation coupled with above seasonal temps as we approach April continues to be a bearish driver for UK prompt prices. UK nuclear availability is scheduled to be 5GW in April ‘24, 1.2GW more than April ’23, this will relieve some pressure on the UK generation stack as Nuclear capacity has struggled in march.
28/03/2024	Across the channel, French nuclear and hydro availability remain robust, and yesterday saw the French weekend baseload product trade between 14 -17 EUR/MWh, while the UK weekend baseload traded at £57.5/MWh, a clear indication of strong Easter weekend interconnector flows from France to Britain.
02/04/2024	Prices across the wider energy complex in both Europe & the UK fell across the curve on Thursday with the May’24 contract notably softening 1.65 £/MWh. Strong supply fundamentals and warm temperatures took hold as low gas storage withdrawals across the EU continued to erode embedded risk premiums within the summer contracts. March closed with a total withdrawal of 42TWh from EU storage, 13TWh less than the five-year average and settling the winter’23 season with 670TWh remaining in storage; a 14year record high. With not-on-contract LNG supply now the marginal supplier of gas into Europe, flows have begun to curtail to keep the market balanced. As a consequence last week saw Europe receive the lowest volume of LNG since Nov’21, showcasing the healthy supply fundamentals.

03/04/2024	UK power contracts fell on Tuesday amid bearish fuel markets and strong wind generation. Wind in the first two weeks of April is expected to average 14.9GW and 11GW which is at least 20% above seasonal normal.
04/04/2024	UK curve shed value midweek as wind power for the remainder of this week was revised upwards by between 1-2GW. Nuclear availability in the UK scheduled to be 4.7GW through April, 0.9GW more than same period 2023 and a significant uplift on the 3.6GW average produced during Q1 ’24. The Increased wind in the prompt horizon and healthier nuclear outlook has put pressure on sparks.
05/04/2024	The UK Power far curve lifted slightly during yesterday’s session, reflecting a small 0.5% gain on UKA December ’24 and gains in the NBP. Front month power traded £1.04/MWh higher, while the UK near weekend product traded as low as £9/MWh due to between 15-17GW of wind generation.
08/04/2024	Front month UK power traded £1.50/MWh higher day on day during Fridays session amid stronger Gas prices. UK imports in April so far have averaged 1.8GW, same as the 2020-2023 average whereas Gas-fired generation in April thus far has fallen to 6.7GW, 5.2GW less than the 2019-2023 average showing the impact of strong renewables and mild temps.
09/04/2024	Power contracts closed higher session on session, supported by NBP and UKAs. UK carbon traded 2.2% higher. UK Nuclear is exceed 5GW for the first time this year in the coming days while UK wind is expected 2.5GW above normal until mid-April so despite the uplift in overall power prices spark spreads have remained mostly unchanged.
10/04/2024	UK power dipped lower amid bearish NBP and UKAs. Wind power generation for next week is expected to be above the model average by 10-20%, likely to average 9.9GW. Solar power production is also set to be above the norm next week, with output likely to average 2.4GW. UK May ‘24 premium to France continues to widen on strong French supply. On March 1st the UK May ‘24 held a €21.92/MWh premium to the French equivalent, which has this week widened to the UK being €43.66/MWh above France.
11/04/2024	UK power front month contract ultimately settled lower during Wednesday’s session, tracking losses at NBP gas hub, UK Carbon allowances for December ’24 fell 1% session on session, weighing on some far curve contracts.
12/04/2024	Geopolitical risk priced into the energy complex took the forefront on Thursday as tensions rose sharply across key markets. Expectations of the conflict in Gaza spilling into wider regions saw the market spike with the front month NBP gas contract lifting 6.1p/th to settle at 73.6p/th. Furthermore, continued attacks on Ukrainian power and gas infrastructure and the EU assessing the partial ban of Russia LNG into Europe also contributed to the sharp uplift. Supply fundamentals remain largely well supported and unchanged nevertheless; EU gas storage is well ahead of their summer injection schedule and the continent remains the optimal region for USA originated LNG once costs and frequency is taken into consideration. Carbon, a preferred energy contract for speculative hedging complimented the uplift in gas with the EUA Dec’24 contract rising 8.2% to settle at 68.03 €/t, its highest close in three months.
15/04/2024	The UK power curve lifted on Friday in line with bullish gas and Carbon. The December ’24 UKA contract rose 2.6% contributing to gains on the far curve. Solar power production also forecast above norm in week commencing 15th April at a daily average output of 2.4GW.
16/04/2024	European gas prices saw a modest uplift on Monday despite notable price swings throughout the day. With immediate fears of a significant escalation of the conflict in the Middle-East dampened, prices opened up lower as the embedded weekend risk priced into both gas and carbon eroded. Nevertheless, the combination of supply disruption in Norway and temperatures set to drop in the latter stages of the month saw prices slowly lift throughout with the May’24 NBP contract eventually settling at 78.07 p/th, a +2.27p/th daily change. Other fundamentals remain relatively stable however with storage injection taking advantage of mild temperatures and high renewable output since March, leaving EU gas storage facilities 62% full, notably higher than the 43% 5-year average for this time of year. Additionally, one of the benefits of rising crude prices has been the uplift in USA shale production, creating an over supply in gas extraction in the region. This has pushed US gas prices way below the break-even point of many producers and creating a supply glut which has aided LNG exports. Both the UK & EU have benefitted from this increased production with the region receiving 5TWh of LNG more per week in April compared to March. Power prices followed gas for within season contracts but saw slight drops in Winter24 and beyond off lower UKA carbon prices. By close-of-day, the Winter’24 contract had softened -£0.20/MWh to settle at £96.75/MWh.
17/04/2024	Power contracts lifted on Tuesday amid stronger gas and carbon. Front month power gained £3.91/MWh, however, sparks for contracts delivering during this summer marginally lost value.
18/04/2024	UK power contracts traded lower in line with the NBP gas hub and UKAs. However, most spark spreads lifted amid a downward reforecast in UK temps by 1 degree until the end of April, UK temps are currently sitting 2-3 degrees below seasonal normal which could increase CCGT demand.
19/04/2024	UK power climbed on Thursday’s session in line with NBP gas. UK power Q4 ‘24 baseload contract was €3.65/MWh below French counterpart yesterday, while UK power Q1 ‘25 baseload contract at a €6.32/MWh discount.
22/04/2024	UK near winter power prices are at a discount to French equivalents due to risk premium being embedded within French nuclear power, driving French winter prices higher. UK prompt and near curve contracts have maintained their premium to their French counterparts and French exports to the UK this summer are expected to remain healthy.
23/04/2024	The UK power curve shed value on Monday in line with the NBP gas hub. Front week wind output is expected to average 8.4GW following a 1GW upward revision. The UK imported an average of 2.6GW from France via interconnectors in the period 1-21 April, which is 1.2GW above the April 2023 average and this trend is expected to continue due to strong French nuclear and renewable amid early snowmelt supporting hydropower output and water reservoirs.
24/04/2024	Mild weather in the front week pressured UK prompt power. Temperatures in northern Europe are forecasted to jump from below averages this week to 1-3°C above norm next week. UK Emissions for December ’24 contract increased by 0.85%, limiting losses on the far curve.
25/04/2024	Stronger NBP prices coupled with lower wind generation in the UK for the remainder of this week supported prompt power prices on Wednesday. Increased heating demand is likely for remainder of this week as temperatures are set to average 1-3°C below norm in the UK. Front month power gained £2.17/MWh to settle at £62.69/MWh.
26/04/2024	UK Power contracts traded marginally higher on Thursday as it drew support from UK NBP Gas. Clean Spark Spreads were mostly unchanged
29/04/2024	UK power closed the week lower amid comfortable wind generation, with forecast above seasonal normal by 10-20% in the week commencing 29th April. Far curve contracts fell in line with bearish sentiment amid a decrease of 0.5% in UKA December ’24.
30/04/2024	The UK power curve lost value on Tuesday with Winter ’24 losing £2.24/MWh. Most Near curve sparks also lost value, a likely reaction to the increase in temperatures and an upward revision in wind during the next week softening demand
01/05/2024	UK Power traded higher on Tuesday. The June 24 baseload contract which is now the front month gained £2.3/MWh day on day. Wind-power production through the remainder of the week has been revised downwards to be in line with the seasonal norm, at an average of 8.4GW. Total demand in the UK through April so far has averaged 31.8GW, which is 0.7GW above the 2019-2023 average.
02/05/2024	NBP front month contract fell by 2.1% session on session. The UK maintained a net power import position through April, with net inward flows averaging 3.3GW, 0.2GW above April 2023 average.
03/05/2024	Energy prices surged across both the UK & continental Europe on Thursday with the front month NBP gas contract notably lifting 5.57p/th, a 8% day-on-day rise. The rally has come contrary to steady fundamentals and has primarily been driven from increased demand in EUA Carbon, a particular product of interest for long-term investment firms and those looking to speculate on price moves. The commodity has been specifically volatile of late, attributed to the developments in the Hamas-Israeli conflict in the Middle-East, lifting throughout the day off concerns over the possible incursion of Rafah on the Gaza Strip. Antony Blinken, the U.S. Secretary-of-State stated on Wednesday “we cannot and will not support a major military operation in Rafah absent a clear, credible plan to protect civilians. We’ve not seen such a plan”. Nevertheless, with the Israeli Prime Minister affirming “We will enter Rafah and eliminate the Hamas battalions there”, the standoff between Israel and its allies has forced up embedded risk premiums.
07/05/2024	Power prices shed value in line with UK NBP movements, despite wind generation being more than 3GW below seasonal normal. UK emissions falling £0.39/tCO2 also contributed to the losses on power.
08/05/2024	UK power tracked Gas and Carbon on Tuesday. Front month power traded £1.53/MWh higher.
09/05/2024	Sparks were relatively flat on the curve but up in the prompt due to the below seasonal normal wind.
10/05/2024	The UK power curve lifted on Thursday, with the prompt being supported by low renewable generation. Front week wind generation was revised downward by 1.2GW to 6.8GW, now 10-20% below average. Gas-for-power generation averaged 7.9GW through May to date, 2.5GW above the April average.
13/05/2024	UK power lost value on Friday with front month losing £2.13/MWh to settle at £65.12/MWh. France is likely to maintain a net power export position through the week commencing 13th May owing to high wind generation, above seasonal average precipitation, and strong nuclear supply. The UK won’t be able to fully benefit from the healthy French supply however, with the 2GW IFA1 interconnector between UK-France operating at reduced capacity of 1GW until 22 May due to planned construction.
14/05/2024	French nuclear availability for the remainder of this week has been revised downwards by 0.7GW however remains well above the 2019-2023 average. Sparks have seen some uplift in the prompt owing to the lower wind, however the front month spark has remained resilient only changing £0.06/MWh.
15/05/2024	Wind generation set to average 6.2GW for the remainder of this week, 10-20% below seasonal norm. Similarly wind output for next week was revised down 1GW which will support gas-for-power demand.
16/05/2024	UK power traded higher on Wednesday, driven by a 5% or £1.96/tCO2 lift in UKAs. Front month power gained £0.41/MWh. Wind power generation during May to date averaged at 4.9GW, 0.8GW lower than 2019-2023.
17/05/2024	UK power lifted on Thursday’s session amid stronger UK carbon and UK NBP. UK Front month settled at £66.41/MWh. Confidence in Q3 French power supply margins continues to pressure neighbouring hubs, the comfortable hydropower and nuclear outlook in France leaves little room for bullish momentum in the UK resulting in muted movement in UK sparks.
20/05/2024	UK power near curve traded higher on Friday. Wind power production is expected to average 6.4GW through week commencing 20th May although strong solar and warmer temperatures could help to offset the drop in wind power production through the front week.
21/05/2024	UK Power traded higher on Monday, amid a bullish fuel mix. UKAs gained £3.08/tCO2 to settle at £42.88 on Monday. UK nuclear availability is set to average 5GW in June after outage extensions, which is 1.5GW above the 2019-2023 average.
22/05/2024	UK Power continues to climb, lifted higher by NBP gas and Carbon. UK Solar-power production is set to average 10-20% below seasonal norm at 2.2GW. Front-week wind output revised upwards by 0.4GW, now expected to be within the seasonal norm at an average of 6.4GW
23/05/2024	The IFA1 interconnector is now set to return to full capacity on May 24th, a delay of 2 days. This will be followed by another outage on the May 7th until June 5th where it will operate at 1.5GW.
24/05/2024	Front week wind output revised upward by 0.7GW, now expected 10-20% above seasonal at an average 7.8GW. Solar power production next week is forecasted above norm at 3GW. The improved renewable generation has alleviated some pressure in the prompt and sparks for near term contracts have. As will the expected return to full capacity of the IFA1 UK – France Interconnector.
28/05/2024	UK Power shed value on Friday in line with NBP Gas. Near Curve Spark spreads also lost value and front month approaches delivery. French nuclear availability scheduled to average 44GW through week commencing 27th May, 7.6GW above 2019-2023 average keeping margins bolstered. French run-of-river hydropower follows a similar trend with the current average through May at 6.7GW, 1.1GW above the five-year average. The 2GW IFA1 Interconnector has returned to full capacity following a 2-week outage.
29/05/2024	UK Power traded lower in line with Gas. Additional bearishness crept into the prompt as wind generation for the remainder of this week is at 9.9GW, 20% above seasonal normal. The UK has maintained a net power import position so far through May, with net inward flows averaging 4.8GW, which is 1.5GW above the April level.
30/05/2024	UK power saw a mixed performance on spark spreads. Day Ahead and front week lost some value due to elevated wind, averaging 9.7GW for the remainder of the week, 3GW higher than normal.
31/05/2024	Gas prices rebounded slightly from Wednesday’s lows, lifting 2.6p/th on the front month gas contract despite fundamentals remaining stable. Long-term weather forecasts are showing more rain in both the UK & continental Europe over Q3’24 which in is likely to reduce solar generation; leading to greater reliance on non-renewable assets throughout the day. With the removal of immediate gas supplies from Russia from much of the European grid, the focus within the market remains drawn on continental storage injection; making sure nations have enough stores built up to combat consumption demand in the forthcoming winter. The combination of low renewable output and part of the LNG Atlantic fleet moving to the more profitable Pacific region of late has seen daily injection rates drop with May seeing 81TWh net injections, 26% less than the five-year average. Nevertheless, total storage remains well above schedule and 15TWh above this time last year. The movement of LNG cargoes from Europe to NE Asia often occurs during Q3 of each year and doesn’t tend to impact the region’s capacity to fulfil its storage requirements, however with lukewarm demand in Europe this summer the transition has occurred earlier.

03/06/2024	Power prices and spark spreads lost value on Friday. UK Power June ’24 Baseload expired at €86.68/MWh on 31 May, €53.21/MWh above French counterpart indicating that power imports from France likely through front month.
04/06/2024	UK power traded higher on Monday’s session amid worries surrounding European gas supply. Wind power production is forecast well above the seasonal norm by more than 20% at an average of 12.2GW for the rest of the week. Far curve products were also supported by a slight uptick on the UKA December ’24 contract.
05/06/2024	UK power contract moved lower on Tuesday unable to withstand significant pressure from downward moves on the NBP gas market. Renewable power is comfortable in the prompt horizon, Solar production has been revised upwards to between 10-20% above the seasonal norm, averaging 3GW for the remainder of this week, similarly wind power output remains well above the model average by more than 20% for the rest of the week.
06/06/2024	UK Front month power lost £2.29/MWh on Wednesdays session. UK Carbon December ’24 fell 2.3% session on session adding downward pressure to the power far curve.
07/06/2024	Front week wind generation was revised marginally higher, alleviating some pressure on sparks in the prompt.
10/06/2024	Summer 2027 decreased on Monday while the rest of the curve moved upwards with NBP prices.
11/06/2024	Wind power production is forecast well above the model norm by more than 20%, averaging 8.9GW for the rest of the week while solar power is in line with seasonal normal averaging 2.4GW for the rest of the week. Front month gained £2.14/MWh although sparks along the curve were mainly unchanged, indicating the uplift was driven by gas.
12/06/2024	UK Power reversed some of the previous day’s gains as front month lost £0.81/MWh. Front week wind generation was revised marginally higher, alleviating some pressure from sparks.
13/06/2024	Front week wind generation was revised downward by 0.7GW, set to average 7.7GW which is 10-20% above norm.
14/06/2024	UK power lifted session on session drawing strength from NBP Gas. The 1GW IFA2 interconnector between the UK & France is set to return to full capacity from 14:00 GB time on 14 June.
17/06/2024	UK power lost value on Friday amid weaker near curve gas and weaker UKA’s. In June so far, demand in the UK has averaged 27.4GW, which is 1.7GW below the 2019-2023 average.
18/06/2024	UK Power traded lower on Monday amid weaker gas prices.
19/06/2024	Wind saw a downward revision of 1.4GW for the front week taking it to 6.3GW which is roughly seasonal normal and prompted a £1.32/MWh uplift in sparks for front week.
20/06/2024	UK power gained value in line with gas prices. A 0.7GW downward revision in wind generation estimates for the remainder of this week to 4.9GW, which is 20% below the seasonal norm also supported prices.
21/06/2024	Gas prices across both the UK & continental Europe softened slightly on Thursday as concerns on supply constraints were partially relaxed. The Wheatstone LNG plant in Australia, offline since the early June has signalled it is to restart operations one week earlier than expected, relieving pressure on the global LNG market and subsequently reducing the price competition European destinations face to secure volume. The outright market maintains a heavy embedded risk premium as the Uniper-Gazprom court ruling lacks clarity on how this will impact third-parties and gas supplies into Europe. Gazprom continues to directly supply gas into the continent via the Turkstream pipeline into EU nations, a risk which third-party off-takers such as OMV in Austria have cautioned. Power prices followed suit but additionally dropped as the front year UK carbon price fell 7.7% day-on-day. Speculative positioning on UKA’s has increased in the product of late and heavy sell-side trading placed downward pressure on the product; one which is far less liquid than its EU counterpart (EUA’s). This dropped the outright price spread of thermal generation in the UK down, lowering overall prices with the Winter’24 contract notably dropping £1.95/MWh to settle at £88.42/MWh.
24/06/2024	UK Power prices continued declines on Friday as they track bearish NBP and UKAs. December ’24 UKAs dropped by 2% which dragged the curve lower. Front month traded £0.73/MWh lower as we approach the beginning of delivery.
25/06/2024	Prices rose with climbing NBP gas prices on Monday, while maintenance schedules at several of the UK’s nuclear units were altered.
26/06/2024	UK power lifted in line with gas on Tuesday’s session. UK Carbon gained £1.64/tCO2 lifting the far curve.
27/06/2024	Solar power production for the remainder of the week is forecast 10-20% above norm while, Wind generation is forecasted more than 20% above seasonal for remainder of the week. UKAs reversed much of Tuesdays gains losing 3% day on day which helped power contracts ease across the curve and lifted sparks marginally.
28/06/2024	Most UK curve contracts lifted yesterday with July gaining a modest £0.32/MWh in its penultimate day as front month. An Unplanned capacity reduction on the 2GW IFA1 interconnector has been extended, with capacity reduced to 1.5GW until 29 June, the Interconnector also has a planned 1GW reduction between the 2nd -5th July.
01/07/2024	UK Power near curve eased while the far curve lifted on Friday’s session. Front season Winter 24 traded £0.59/MWh higher. The 2GW IFA1 interconnector between UK - France will operate at reduced capacity of 1GW from 2-5 July for planned construction works.
02/07/2024	The power curve dropped on Monday in line with NBP gas. Front-week prices rose through the morning amid an upward revision in temperatures which is likely to increase cooling demand.
03/07/2024	Wind generation is expected to increase throughout the week, rising to 10.6GW on Wednesday and more than 14.0GW on Thursday. The increased wind dragged down Day ahead prices. UKA carbon gained £1/tCO2 supporting the far curve.
04/07/2024	Power prices fell in line with an easing gas market. Prices in the prompt, particularly day ahead shed significant value amid a sharp increase in wind power generation in the UK, with wind expected at 13GW on Thursday, almost double the previous day.
05/07/2024	Nuclear availability in the UK is scheduled to be 5.3GW through July, 0.5GW below the 2019-2023 average.
08/07/2024	UK power prices moved in line with Gas on Friday’s session with front month losing £1.43/MWh. An extended period of below seasonal normal wind in the UK will keep CCGT generation elevated for much of this month, contributing to a lift in week ahead spark value.
09/07/2024	UK power prices echoed the moves seen in the gas market. Lower wind in the prompt has pushed up gas for power demand.
10/07/2024	UK Power traded lower on Tuesday’s session driven by NBP gas. Spark spreads also lost some value across the curve owing to upward revisions to wind in the prompt horizon, as the remainder of this week and next week sits 10-20% above seasonal normal.
11/07/2024	The far curve saw weaker UK Carbon contribute to the lower sparks.
12/07/2024	UK Power traded lower on Friday driven by NBP Gas. The 2GW IFA1 interconnector between the UK and France has had an unplanned capacity reduction, reduced to 1.25GW until 22:00 London time 12 July.
15/07/2024	UK power followed in the footsteps on NBP gas on Friday’s session. Front week power bucked the trend and eased £1/MWh owing to the wind generation forecast for week commencing 15th July being revised upward by 1.1GW to 7.7GW, more than 10% above seasonal average.
16/07/2024	UK power moves mirrored that of last Friday, as an upward revision in wind put downward pressure on the front week. Front month lost roughly £1/MWh while the associated spark spread eased £0.42/MWh.
17/07/2024	The Power curve lifted in line with NBP and TTF although sparks remained mostly flat. UK wind rises from 2GW on the 17th of July to 6GW by this weekend. French nuclear availability for the remainder of this week is scheduled to average 43.6GW which is 8GW above the 2019-2023 average.
18/07/2024	UK Front month traded £/MWh lower due to bearish gas and Carbon. Wind output for rest of this week is forecast 10-20% below seasonal at an average 5.6GW while strong solar power production at an average 2.7GW for the remainder of the week could offset this.
19/07/2024	UK power traded higher on Thursday’s session. Front month gained £1.89/MWh.
22/07/2024	Power markets were also reflected by low liquidity on Friday. Wind output for the week commencing 22nd July was revised downward by 1.4GW which supported the week ahead contract, wind is now set to average 5.9GW which is within seasonal nor
23/07/2024	Power Sparks mostly increased along the curve triggered by a downward revision in wind. Front month gained £0.25/MWh on the spark.
24/07/2024	The IFA1 interconnector between the UK and France has an unplanned outage of 636mw until the 29th July potentially supporting prices this week or at least alleviating some bearish pressure. The outage coincides with a period of below seasonal normal wind excluding the 25th July; Wind generation the rest of this week will average 4.3GW versus a seasonal normal of 6.3GW
25/07/2024	Gas prices yesterday rose steadily across both the UK & continental Europe despite the fundamental outlook remaining broadly unchanged. Prices lifted greatest in the front month NBP contract, rising 3.2p/th; a 4.5% day-on-day rally. With little change in the future outlook, profit taking and technical drivers have been mooted as suggestions into why the market rose so sharply. Nevertheless there were a number of buy-side drivers which pushed up demand intra-day. LNG demand in Egypt has been looking for alternative sources of supply since the Red Sea has been deemed too dangerous for LNG tankers to utilise, challenging European buyers with additional regional competition. However, LNG supply in the region is already at its lowest level since Sep21 as ample EU storage levels and strong Norwegian gas supplies have reduced the demand for spot cargoes, most of which have transferred into the Pacific theatre. Power prices broadly followed gas with spark spreads remaining relatively unchanged. Strong nuclear availability from France has suppressed the need for CCGT demand across much of NW Europe, keeping all bar peak spreads out-the-money for the majority of Cal24-Cal25 contracts.
	News

GAS

Market

Published	News
02/01/2024	The NBP is pricing a touch lower than the previous session to start the new year. The fundamentals continue to impact prices bearishly, despite some colder weather on the horizon. The UK system is more than 20mcm long at open with strong supplies coming in from LNG and Norway and demand significantly below seasonal normal. Temperatures are set to drop below seasonal normal at the back end of this week with the colder weather persisting through the middle part of January. Wind generation is also set to follow a similar pattern, dropping below seasonal normal a little earlier than temperatures, on Thursday. These changes in weather will see additional demand. As we enter Q124, European storage sits at 87% fullness, tracking above the previous 3 years.
03/01/2024	Escalations in the conflict in the Middle East overnight have seen increases on the NBP. The front month Feb-24 is currently pricing around 79.30p/th, roughly 4p/th higher than last night’s close. Maersk have suspended its Red Sea shipping route with an Iranian warship also entering the Red Sea, causing tensions to mount. The weather is also adding support, with temperatures set to drop as much as 6 degrees over the next few days. The UK system remains balanced by 4mcm at open this morning with temperatures holding 4 degrees above seasonal normal for now. Total demand sits at 233mcm, 57mcm below seasonal normal. Bearish fundamentals continue to limit the upside, despite the colder weather and geopolitical drivers.
04/01/2024	The NBP day-ahead price rose sharply on Wednesday, and low wind output may increase the call on gas-fired power plants in the coming days, at least partly offsetting weak household consumption owing to mild weather.
05/01/2024	The NBP has once again opened slightly higher than the previous session as temperatures turn colder. The front month Feb-24 contract has traded above 85p/th this morning, roughly 1.5p/th higher than last nights close. The UK system is 5mcm short at time of writing, with total demand at 268mcm, 18mcm below seasonal normal. The UK is nominating to withdraw 18mcm from medium range storage sites and exports along the IUK to the continent have been reduced in order to meet the additional heating and CCGT demand following the weather changes. Next week will see temperatures drop to 4 degrees below seasonal normal by the 10th, before a slight recovery and then further cold going into week 3.
08/01/2024	NBP prices have opened up down from last weeks close amid some more confidence in the supply to the market. The UK gas system has opened around to 5mcm short this morning with an increase in LDZ demand following on from the lower temperatures, this is reflected in the latest demand forecast being 45 mcm above the seasonal normal demand. LNG importation to the system has dramatically increased to 92.7mcm with the weather conditions now allowing vessels to birth at their ports after the storms over the past weeks have restricted the vessels arriving. Storages have seen some withdrawals over the weekend with the cooler temperatures, overall storage numbers remain strong, EU storages are now sitting at 84.88%
09/01/2024	NBP prices have once again opened below the previous trading sessions trading with the front month Feb-24 contract trading around 78p/therm mark at the time of writing. The dip in prices could be attributed to the warmer weather runs that are forming for the UK. Overnight the weather runs for the latter portion of January looked to have ticked up and forecasted that the temperatures could get back above seasonal normal levels towards the end of the month. A cooler period for Feb-24 may still be on the cards. The supply picture is still very strong currently, total Norwegian flows are operating at 317mcm/day and the supply picture for LNG looks to be ramping up next week. Storages are still very strong for this time of year even with the withdrawals up due to the cooler weather currently in Europe.
10/01/2024	NBP prices have again opened below the close of yesterday, the front month Feb-24 contract is now trading at 76.5p/therm at the time of writing. The UK system is long this morning for the first time this week with LNG send out now operating at a very strong 108mcm earlier today. LNG vessels that were unable to berth during the strong winds over the past couple of weeks have now been able to land at UK ports. Langeled flows have been operating near their capacity this week with the UK’s supply picture looking strong. The market is paying close attention to the withdrawals from storage with the EU storage now seeing significant withdrawals day on day, the latest data shows a withdrawal in the EU for 0.79% with the continent seeing some very cold temperatures. Crude Oil prices have risen today on the back of the news coming from the US Oil inventories showing some decline, this story looks to have helped drive demand up and pushed prices in the same direction.
11/01/2024	The UK gas system opened up around 25mcm short this morning as the forecasted demand for gas today is nearly 50mcm above the seasonal average. Supply is still strong with flows from Norway remaining strong and the LNG send out still at a good level. Weather forecasts for the UK show that temperatures should reach and exceed the seasonal averages towards the end of January and the wind forecast shows a similar story where we could expect a mild and windy end of the month. The Dutch government have re activated the Groningen gas fields after closing production last year, this is due to the colder temperatures that the Netherlands is experiencing and is expecting over the coming weeks. The NBP market has opened at levels near the open of trading yesterday with the front month Feb-24 contract trading at 77.35p/th at the time of writing
12/01/2024	The news dominating the headlines this morning comes from the Middle East, where the UK and the USA have conducted strikes against Houthi rebels in Yemen in order to try and provide security to the vessels navigating the Suez canal. These strikes haven’t really driven up the gas markets as of yet, but the price of crude oil has gapped up by around 2% this morning. There is an unplanned outage at Norway’s Aasta Hansteen field which will see output cuts of 8mcm per day, the outage is expected to last only 24 hours. UK weather is expected to cool next week reaching below seasonal levels, LDZ demand could see an increase. Supply to the UK remains strong from Norwegian flow, LNG importation and storage. The NBP front month Feb-24 contract is trading around 77.75p/th at the time of writing
15/01/2024	UK gas prices have moved down during early trading on Monday despite cold weather and bullish news emerging from the Middle East.
16/01/2024	The NBP February contract fell sharply on Monday, and a drop in consumption towards the end of this month could allow for net injections.
17/01/2024	The NBP balance-of-January price fell on Tuesday, and while much milder weather forecast later this month could push down heating demand, strong winds could prevent some LNG deliveries.
18/01/2024	UK gas prices remain at a similar level to the close on Wednesday with the UK still comfortably supplied during the cold temperatures
19/01/2024	UK gas prices have ticked upwards slightly upon early trading this morning despite the cold weather subsiding later today.
22/01/2024	A small outage at Barrow terminal has led to 6mcm drop in capacity, with the asset only expected back online this afternoon. UKCS supply has fallen from 61mcm to 54mcm on the back of this news and seems to be the main reason behind the short grid. Temperatures are turning warmer overnight and the weekend will bring mild and windy conditions, leading to a bearish start to the week for demand. Oil prices ticked up on Thursday’s training as the IEA and OPEC released 2024 demand outlook with an expected 1.24million barrel increase likely on demand growth. The US is experiencing extreme cold at present and this has led to some facilities shutting down, leading to a large draw down in US inventories for the week.
23/01/2024	UK gas prices have opened roughly in line with last night’s close with the market holding onto losses following the return of mild and windy conditions. The front month Feb-24 contract is pricing at 68.10p/th at time of writing. Storm Isha and Jocelyn are lifting wind speeds significantly above seasonal normal for this week. Milder air from the Atlantic will also see temperatures hold 4 or 5 degrees above seasonal normal on average for the UK this week. The UK system is 8mcm long at time of writing. Total demand sits at 253mcm, 43mcm below seasonal normal and 4mcm below Monday’s level. The strong winds have seen delays to LNG cargos offloading at UK terminals. LNG send out today is nominating at 60mcm. Brent oil is also holding on to losses on weaker global economic growth forecasts. Oil prices have moved lower despite the diversion in the Red Sea and a suspected drone attack on an export terminal near to St. Petersburg over the weekend.
24/01/2024	UK gas prices have ticked up slightly this morning, due to a the UK grid opening up with a small short with demand currently outweighing total supply. UK demand is up 8mcm today, reaching 260mcm which remains well below seasonal average at 295mcm. Slightly weaker Norwegian flows (66mcm compared to 71mcm) and lower LNG sendout are causing the current short.
25/01/2024	Tight supply and some technical support ensured the NBP curve corrected upwards on Wednesday. A short UK system pushed up prompt and near curve contracts, with the UK 12mcm short at the open. Despite demand being well below seasonal average due to mild temperatures, weaker Norwegian flows and lower LNG sendout helped tighten the UK. A 6mcm/day outage at UKCS facility Barrow will resume today following an unexpected outage just over a week ago which should help bring a small boost to supply.
26/01/2024	UK gas prices have opened lower this morning, moving lower even with a short UK system and extended supply restrictions. Total UK demand has fallen by 23mcm day on day, due to mild and windy weather reducing LDZ demand and CCGT requirements. Gas burn for power generation stands at just 10mcm today. Despite the demand reduction, the UK system is still short as the unexpected maintenance issue at Barrow has been extended until Sunday, with UKCS flows down from 62mcm to 54mcm.
29/01/2024	The headlines related to LNG supply look to be driving the bullish move in gas markets currently, with the news out of Freeport LNG on Friday that they will be closing one of its units for a month of maintenance. LNG is increasingly important to the supply mix for Europe and any disruption to supply could cause an increase in prices. President Biden has announced a pausing of any new licences for LNG projects. The USA is the largest exporter of the liquified gas, this could become a contentious election topic this year with the Republicans eventual nominee potentially having an opposing view. The UK gas system opened 7.5mcm short this morning with the demand forecast trailing normal seasonal demand by over 40mcm on the back of warmer weather.
30/01/2024	NBP prices have opened slightly down on yesterdays close after the bullish run from the end of last week pushed prices up. The Feb-24 contract expiry is approaching so liquidity for the contract could dry up. The UK gas system opened 8mcm short this morning with LNG importation up on yesterday’s nomination and slightly lower Langeled flows than seen yesterday. The demand forecast still lags behind the seasonal normal levels by close to 42mcm with the warmer than average weather is pushing LDZ demand down. The EC46 temperature forecast has been slightly revised with the end of February into early March pushing downwards below the seasonal average levels that we are currently above.
31/01/2024	NPB prices have opened above last nights close, continuing the bullish move that has been taking place this week. The Mar-24 contract is trading at 74.00p/th at the time of writing. The headline news surrounding LNG looks to be one of the main drivers in this upwards move with the closure at Freeport and Presidents Bidens pausing of any new LNG projects. LNG vessels are seeing delays on their voyages with shipping companies opting to reroute around Africa in order not to transit the Red Sea after another attack over the weekend caused an Oil tanker to set on fire.
01/02/2024	The NBP front month March-24 contract is trading at 73.60p/th at the time of writing after the bullish headlines throughout the week have pushed prices up. The current demand forecast lags behind the seasonal normal level by over 40mcm as warmer than average temperatures are reducing demand. The UK system is short by 2.5mcm at the time of writing
02/02/2024	The front month March-24 NBP contract has corrected down along with some of the other prompt contracts at the time of writing on the expectation of a mild and windy February. The weather remains the key driver in the market at the moment with the EC46 temperature forecast showing below seasonal normal levels from late February into early March. The current demand forecast for the UK gas system is almost 70mcm below the seasonal normal levels which show the impact the mild and windy weather is having on the demand. The UK ystsem is long for the first time this week with the system currently showing as nearly 18mcm long at the time of writing.
05/02/2024	UK gas prices have opened a touch lower this morning despite a short system, weaker Norwegian flows and forecasts for cooler temperatures in the coming fortnight. Unexpected outages at Troll field and Nyhamna processing plant have reduced Norwegian volumes by around 30mcm compared to last week. Troll field is offline due to a compressor failure, with Nyhamna down due to an external power outage. Both facilities are expected back online on 6th February.
06/02/2024	UK gas prices opened in line with Monday’s close but have drifted upwards during early trading, fuelled by support from growing confidence in colder upcoming weather. The UK system is short again this morning despite demand remaining well below seasonal average, with low LNG flows and creeping CCGT demand as wind generation begins to weaken.
07/02/2024	UK gas prices ticked up on Tuesday, fuelled by weaker Norwegian and UKCS supply and increasing demand as a colder weather period started within the region. Cold temperatures overnight and weak wind generation has lifted today’s forecast demand by 50mcm, just 15mcm below seasonal average. Weak wind generation has ensured that CCGT has climbed from 6mcm on Monday to 62mcm today and LDZ forecast is up to 175mcm.
08/02/2024	UK gas prices opened and closed at a similar level on Wednesday, with small gains in the morning session eroded by losses in the afternoon. UK demand is down by 12mcm day on day, dropping to 268mcm with a reduction in CCGT contributing to the largest drop in the forecast. Increased wind generation has ensured CCGT has dropped from 62mcm to 38mcm
09/02/2024	UK gas prices have opened a touch lower to start the day, with demand reduction and improvements to the supply picture pressuring prices. The UK system opened slightly long at 1.2mcm, the first time it has been oversupplied in a week. Langeled and UKCS flows have increased to their highest level of the week following the outages that have come back online.
12/02/2024	Weaker demand off the back of milder and windier weather forecasts have seen prices open slightly lower to start the week. The front month Mar-24 contract is currently pricing at 64.20p/th at time of writing, 1.40p/th lower than Friday’s close. The UK system is balanced at 2mcm short with total demand at 255mcm, 42mcm below seasonal normal demand. On supplies, Norwegian imports are at capacity with UKCS nominations at 47mcm. We are withdrawing from storage today, with nominations at 31mcm. Temperatures are just above seasonal normal today with the peak of the warmth coming on Thursday and Friday, where temperatures are expected to be around 6 degrees above seasonal normal. The weather, along with other bearish fundamentals, continue to drive gas prices downwards with healthy supplies and weak demand a common theme across the commodity markets, despite the ongoing conflict in the Middle East.
13/02/2024	The NBP has seen prices lift slightly during this morning’s session, bouncing back from yesterday’s losses. Despite the increases the market remains very much bearish with the warmer weather and healthy supplies the main drivers of price currently on the prompt curve. The UK system is 9mcm short at time of writing, with total demand at 247mcm, 48mcm below seasonal normal. The system dynamics remain similar to yesterday with a reduction in storage withdrawals being the main difference day on day. LNG send out is holding relatively low for the time of year, nominating at just 44mcm today. The UK could see 5 vessels delivering by Feb 18th, a notable slow down on busier schedules earlier in the winter. European storage levels are at 67% fullness, near to records highs over the last 5 years, which is another driver contributing to the bearishness.
14/02/2024	NBP prices have opened roughly 1p/th lower across the curve as the bearish trend continues in European gas markets. The front month Mar-24 is currently pricing at 61.20p/th with the same contract on the TTF breaking below a key level of support at €25.00/MWh this morning. The UK system is balanced at 1mcm short at time of writing, with total demand at 256mcm, 38mcm below seasonal normal. Temperatures are set to peak around 7 degrees above seasonal normal to end the week. However, wind generation is dropping around 40% as we move into Thursday which will bring additional gas for power demand. Wider commodities are also adding bearish pressure with European coal supplies very healthy and Carbon EUAs holding at 2 year lows. Brent oil remains supported to the upside, driven by the ongoing conflict in the Middle East and upward global demand revisions made by OPEC.
15/02/2024	NBP prices have lifted slightly at open this morning with the market now range bound after recent losses. The front month Mar-24 contract has been pricing between 60p/th and 63p/th in recent sessions with the 60p/th remaining a key level of support that has yet to be broken in the current sell off. Bearish fundamentals continue to support the market to the downside with temperatures reaching up to 15 degrees in the UK today. The UK system is 17mcm long at time of writing, with total demand at 225mcm, 68mcm below seasonal normal. Domestic heating demand is nominating at just 139mcm, 16mcm lower day on day. LNG send out as increased on the supply side, with nominations at 62mcm, 18mcm higher day on day.
16/02/2024	The NBP has opened similar to yesterday with prices slightly higher than last nights close. However, trading continues to be range bound after heavy losses in recent days. Poor wind generation and an unplanned outage at Kollsnes is adding support with the fundamentals still bearish. The UK system is 4mcm long at open with total demand at just 207mcm, nearly 80mcm below seasonal normal. LNG send out has increased to 61mcm driven by vessels diverting away from French LNG terminals, due to ongoing strike action, to the UK and other European terminals. However, Norwegian imports along the Langeled pipeline have decreased with the 23mcm capacity loss at Kollsnes now with an end date of tomorrow. Temperatures in the UK are very mild at 7 degrees above seasonal normal today, resulting in the weak demand figures.
19/02/2024	The NBP has opened lower than the close we saw last week as bearish fundamentals continue to drive the market down. The brief resistance in downtrend last week brought by the outage at Kollsnes looks now to be over as Langeled flows to the UK are back up near their capacity. The UK system opened up nearly 36mcm long this morning with the forecasted demand trailing the seasonal normal demand by 88mcm as the mild temperatures are pushing down the LDZ demand.
20/02/2024	NBP prices have opened slightly higher today. The Mar-24 front month contract is currently pricing at 58.80p/th, more than a penny up on last nights close, at time of writing. The UK system is balanced with total demand at 223mcm, 65mcm below seasonal normal. An unplanned outage at Karsto is taking 13mcm offline with Langeled nominations lower today, at 64mcm. Temperatures are currently 4 degrees above seasonal normal with the weekend and early next week seeing a colder change, dropping below seasonal normal. Along with the additional heating demand, gas for power generation is also set to pick up with wind generation also set to drop at the weekend.
21/02/2024	NBP prices are roughly in line with last night’s close despite a short system, reduced LNG flows coming into the UK and an unplanned outage at Aasta Hansteen. The UK system is 9mcm short at time of writing, with total demand at 205mcm, 82mcm below seasonal normal. LNG send out is nominating at just 24mcm, with Langeled also reduced at 59mcm. However, demand is significantly below seasonal normal because of the warmer and windier weather. The fundamentals remain bearish with relatively healthy supplies, weak demand and a surplus of gas in storage. European storage is currently holding at the 65% fullness level
22/02/2024	The UK system has opened up relatively balanced today with the latest supply forecast being around 4mcm more than the latest demand update. The warmer than seasonal normal temperatures are still influencing the demand for gas, the latest demand forecast trailed the seasonal normal demand by close to 60mcm. The weather forecast is showing a drop in temperatures this weekend and early next week before picking back up to above seasonal levels. The drop in temperatures over the coming days is coupled with a drop in wind generation over the weekend so there may be some support provided for DA prices.
23/02/2024	The bearish fundamentals continue to drive the NBP market this morning, strong supply coupled with mild and windy weather forecast have driven the market down to levels not seen in years. EU storages have been last reported still around the 65% level as we enter late February and into months with traditionally lower demand for gas. The weather forecast shows some cooler temperatures arriving from today and remaining until next Wednesday where the forecast has the UK heating back up to seasonal normal levels, this could provide support to DA prices with an increase expected in LDZ demand. The UK system opened around 8mcm short this morning as even with the cooler weather the latest demand forecast trails the seasonal normal demand by 30mcm.
26/02/2024	The UK has opened with a short system this morning as temperatures continue to hold below seasonal average. Weak wind generation has also contributed to some strength on the prompt. Wind generation is expected to average 3GW on Monday and Tuesday, increasing CCGT demand, before wind output increases to 12GW for the back of the week. Cold temperatures have propped up LDZ demand, with the consumption reaching 194mcm on domestic heating.
27/02/2024	UK gas prices moved upwards on Monday having found some support from colder weather, stronger demand and RSI moving into oversold territory. Cold temperatures in the UK ensured the start of the week was met with a strong consumption figure, just below seasonal norm but with the UK system opening short. Strong storage withdrawals and forecasts for a cooler spell for the 2nd week of March also brought further support
28/02/2024	UK gas prices climbed on Tuesday, fuelled by strong demand on colder temperatures and bullish news emerging from OPEC+ and Russia around Crude and petroleum products. The UK system was short for much of the day on Tuesday with cold temperatures lifting demand. Total UK consumption was at 272mcm with strong storage withdrawals. This morning, mild temperatures have ensured weaker consumption dropping to 235mcm.
29/02/2024	NBP prices found further support on Wednesday, with prices lifting by around 2p/therm across the curve. Despite reduced demand due to milder weather, the UK system was short for most of the day. This wasn’t helped by the extension at Barrow’s gas treatment plant which was expected back online, but extended a further day to 29th February which kept 6mcm offline.
01/03/2024	UK gas prices eased a touch on Thursday with near term contracts posting small losses, whereas the prompt lifted with an expectation of higher demand strengthening the DA.
04/03/2024	UK gas prices have softened at the open today but have since lifted higher through the morning. The Apr-24 front month contract is currently pricing at 64p/th at time of writing which is only just below Fridays closing price. Bearish fundamentals remain in the market despite some short-term bullish drivers. A lack of LNG and cooler, calmer weather is supporting prices to the upside. The UK is expecting just 2 vessels to arrive this week. OPEC have also extended their production cuts of 2.2m barrels per day into Q224 which is also supporting the oil markets. Despite additional weather-related demand and tightened supplies, European gas markets remain bearish with European storage at 62% fullness, a record high over the last 5 years.
05/03/2024	Prices on the NBP have lifted this morning, following the short term bullish trend seen over recent days. The front month Apr-24 contract is currently pricing around the 70p/th mark, roughly 3p/th lower than the previous session. Muted LNG flows, cooler weather forecasts and an unplanned outage a Karsto are impacting prices to the upside, with the UK system 12mcm short at time of writing. Total demand is at 247mcm, 24mcm below seasonal normal. A large US natural gas producer has released a statement overnight, announcing plans to reduce production because of the low price environment, which points towards possible future supply tightness.
06/03/2024	The NBP market looks to be consolidating its 7 day run of gains this morning with the front month Apr-24 contract trading at 71.20p/th at the time of writing. Despite the bearish fundamentals, the market continues on its bullish move. One of the drivers pushing up the price is the lack of LNG on the way to the UK and Europe, with vessels diverting east into markets willing to pay more.
07/03/2024	NBP prices have opened slightly higher this morning, with the front month Apr-24 contract currently pricing at 67p/th, roughly 1p/th higher than last nights close. Prices softened yesterday on decreasing demand with temperatures and wind generation improving day on day. There is also no significant colder weather in the forecasts for the remainder of Q124. A lack of LNG heading to the UK has drove prices upwards in recent days despite below seasonal demand and European storage holding strong at 62% fullness, with weak withdrawals seen through February. Total demand today is at 220mcm, 50mcm below seasonal normal
08/03/2024	NBP prices opened roughly in line with last nights close but have since moved higher through the morning. The front month Apr-24 contract is currently pricing at 66.80p/th with the market operating in a trading range across the mid 60’s. The UK system is 4mcm short at time of writing, with total demand at just 207mcm, 57mcm below seasonal normal. Wind speeds have significantly risen day on day, with temperatures also rising slightly, resulting in less demand. The fundamental picture remains bearish on milder weather forecasts, strong storage levels and weak demand. The oil markets are being supported by a draw down in US stocks which indicates strengthened demand, as well as the prospect of the Federal Reserve cutting interest rates, which would drive economic growth.
11/03/2024	NBP has opened a touch lower than last weeks close after another forecasted reduction in demand off the back of some very mild and calm weather forecasts. The forecasts have average temperatures 2-3 degrees above the seasonal normal level over the next 2 weeks before a slight drop back down to seasonal levels towards the end of March. An outage at Nyhamna for today and tomorrow is one of the bullish drivers in the market today with 25mcm offline, despite that, flows through Langeled seem relatively undeterred and the market hasn’t reacted too strongly to the news. The system opened up around 8mcm short as the latest demand data trails the seasonal normal demand by nearly 20mcm, something that has not been uncommon this year.
12/03/2024	NBP prices have opened at a similar level to yesterdays close after trading yesterday saw some bearish moves off the back of weather driven demand reduction. Storages in the EU remain near record high levels, the latest reported figure putting storages at 60.59% full, UK storages are 37.49% full. The latest weather forecasts have ticked down from yesterday with the temperature into late March now dipping below seasonal normal levels which could increase LDZ demand at the back of March after a very mild start to the month. The UK gas system has switched from yesterday and is now 6.6mcm long, the theme for the year continues with the demand forecast trailing the normal seasonal demand by almost 40mcm.
13/03/2024	The UK gas system gas opened up relatively balanced this morning after very mild weather has driven down the latest demand forecast, which trails the seasonal normal levels by over 68mcm. The short term temperature forecast has temperatures up to 4 degrees above seasonal average for the UK creating a bearish picture for DA prices. The UK government announced yesterday support for gas powered power stations with the refurbishment of older plants and the creation of newer plants as the UK tries to secure its own energy demands. This may push back some of the net zero targets that were slated by the government over the past few years. The front month Apr-24 contract on NBP is trading around 63.00p/therm at the time of writing with the market trading at similar levels to the close we saw yesterday.
14/03/2024	The market continues to be driven by the demand forecast weakening from bearish weather forecasts. The NBP opened up slightly down from where we saw yesterdays close with the front month Apr-24 contract trading at 62.20p/therm at the time of writing. Storages in the EU have last been reported at 60% which remains near record levels for March, the mild temperatures across the continent and the relatively strong wind generation has pushed down gas demand and therefore storages haven’t been relied on too heavily. Flows from Norway remain strong as the unscheduled maintenances come to a close. Despite the temporary shutdown of sites, flows from Langeled remained undeterred with nominations to the UK remaining close to the capacity of the pipeline.
15/03/2024	UK gas prices posted gains on Thursday, fuelled by strong moves in the wider energy complex with carbon and oil prices posting significant gains. The UK has opened a touch higher again this morning with some of the front month contracts sitting at monthly highs following gains on Thursday. The UK has opened with a long system this morning, with demand well below seasonal norm. The total forecast is at 186mcm, against a seasonal average of 262mcm. Only a 1.9mcm planned outage at St Fergus is impacting flows.
18/03/2024	It’s been a strong open on the NBP this morning off the back of restricted supplies due to ongoing maintenance. The front month contract is pricing at 71.70p/th at time of writing, more than 3p/th higher than Fridays closing price. UK continental shelf flows are being curtailed due to outages at St. Fergus Shell. Aasta Hansteen is also seeing losses of around 8mcm, although Norwegian imports along Langeled are nominating at near to capacity today. The supply tightness is resulting in a UK system that is 2mcm short. Total demand is a significant 87mcm below seasonal normal, at 179mcm, driven by the milder weather. There continues to be a lack of LNG heading to the UK. The next cargo scheduled to arrive isn’t until March 24th. European storage levels continue to hold above the previous 5 years at 60% fullness.
19/03/2024	NBP gas prices opened slightly higher this morning but during the first hour of trading front month prices have just slipped below the closing price of yesterday. British gas prices climbed on Monday fuelled by an unplanned Norwegian outage which took 7.5mcm/day offline. Continued weak LNG schedule to the UK also helped contribute to further gains and recent strength in carbon markets also priced some premium into curve contracts.
20/03/2024	UK gas prices have opened lower this morning despite increased demand across the UK. The UK opened with a long system which initially had prices pushed lower than on Tuesday but during the first hour of trading prices are now largely flat and trading sideways. Total UK demand has increased significantly compared to Tuesday, lifting to 210mcm, up from 186mcm. This is due to reduced metered wind output, with expectations of just 3GW expected today. The UK opened long at 16mcm but within the first hour that length was trimmed to just 2mcm
21/03/2024	UK gas prices opened a touch lower this morning, with front month Apr-24 contract trading back in the 60sp/therm, however during early trading the contract has pushed back up over 70p/therm. Temperatures remain above seasonal today but are set to drop into the weekend, bringing a more robust demand level from heating. The UK forecast for today is at 179mcm, down 30mcm as wind generation is much higher. CCGT demand has fallen from 48mcm on Wednesday, to just 10mcm today ensuring that demand remains well below seasonal average.
22/03/2024	UK gas prices eased on Thursday, fuelled by forecasts for warmer and windier weather for Friday. There were losses across the full curve but the biggest premium was eroded from prompt and near curve contracts. The NBP had accelerated losses compared to the TTF on Thursday, with the DA premium reducing by 1.25p/therm, holding just 0.8p/therm today. It’s unlikely exports from the UK will step up due to the lack of LNG seen arriving into the country.
25/03/2024	The NBP has opened between 2 to 3 p/th higher at the front of the curve this morning, driven by geopolitical events over the weekend and a lack of LNG delivering to Europe. Attacks on energy infrastructure in Russia and Ukraine, as well ongoing disruption in the Red Sea, has driven global commodities higher to start this week. LNG supply to Europe is also down year on year with the UK set to receive just one cargo before month end in the current schedule. EDF has also extended outages at 2 French Nuclear Reactors this morning, tightening European power supplies. Despite the bullish price action, the UK system is comfortably long, at 16mcm, with total demand at 212mcm, 49mcm below seasonal normal. Demand has eased this week due to improving weather. European storages remain at multi year highs, at 59% fullness
26/03/2024	The UK gas market has opened lower today, retracing most of yesterdays gains off the back of geopolitical events over the weekend. The front month Apr-24 contact is pricing at 71.60p/th at time of writing, 1.60p/th lower than last nights close, predominantly due to warmer weather revisions. The system is maintaining length at 11mcm long with total demand holding significantly below seasonal normal at 211mcm. Warmer weather across Europe is keeping demand relatively low for the time of year and allowing for injections back into storage. However, the market is still taking support by a lack of LNG heading to Europe and a bullish carbon market, with EUAs lifting to multi month highs yesterday.
27/03/2024	It’s been a mixed open on the NBP this morning with prices rangebound. The front month Apr-24 contract initially opened around the 69.50p/th mark and has traded as high as 71.00 p/th before dropping away once again. Apr-24 and S24 expiry is fast approaching with the last day of trading being tomorrow, with the UK bank holiday on Friday. Prices have moved lower against levels earlier in the week due to warmer weather forecasts, rising wind generation and low demand. The Baltimore bridge collapse yesterday has impacted commodities with delays to the export of US coal.
28/03/2024	The NBP has opened roughly in line with last nights close but has trended slightly lower through the morning. The UK system is ending the week 21mcm long, with total demand at 196mcm, 50mcm below seasonal normal. Bearish fundamentals remain with weak demand, warmer weather and strong wind generation over this weekend pushing prices lower. In bullish news, this morning has seen EDF extend outages at 2 French nuclear power plants, with cracks were found at one of them. LNG arrivals are also showing no signs of picking up, with the UK only expecting 1 cargo in the first week of April.
02/04/2024	The May-24 NBP contract has opened up trading around the 68p/therm point at the time of writing this morning after the expiry of the Apr-24, Q2-24 & Sum-24 contracts at the end of last week. The temperature forecasts have turned up a notch with some very mild temperatures forecasted for the UK for the first half of April with the first weekend of the month expected to reach 3-4 degrees above the seasonal average. The wind forecast looks also to be peaking above seasonal levels into the weekend providing some bearish conditions for UKG. Flows from Norway are strong with no major maintenance in the headlines currently, flows from Langeled were around 72mcm this morning. With the strong supply, the UK gas system is 23mcm long this morning with the latest demand forecast trailing the seasonal normal demand by nearly 50mcm reflecting the milder temperatures we are seeing at the start of 2024.
03/04/2024	The front month May-24 contract has opened up a step lower this morning with some pressure on the front of the curve brought by the bearish weather conditions expected in April. The start of April is showing mild and above seasonal level temperatures with the wind forecast showing a similar story. The UK has 2 LNG vessels scheduled to land by the end of April-24, that is after a March with extremely low levels of LNG entering the UK with buyers in Asia entering the market causing the price to move higher.
04/04/2024	The NBP front month contract has bounced back slightly this morning after the close of yesterdays trading session brought the contract below the 64p/therm mark. At the time of writing the May-24 contract is trading around 64.30p/therm. Fundamentals remain strong for the market and the latest weather runs have helped to push the prices down, the risk from the conflicts in Ukraine and the Middle East still remain, but for the time the fundamentals look to be in the driving seat.
05/04/2024	NBP prices moved up yesterday after what many are putting down to a technical bounce. The RSI showed the market in an oversold territory for parts of the day yesterday. This morning the market looks to be trading at levels near the close of yesterday with the FM May-24 contract trading at 65.40p/therm at the time of writing
08/04/2024	UK gas prices have opened relatively flat to Friday’s level with the UK grid balanced and a return of Norwegian outages. On Friday, markets climbed due to unplanned outages at Gullfaks and Nyhamna taking a combined 31.7mcm offline. Gullfaks returned on Saturday with Nyhamna set to return today.
09/04/2024	UK gas prices increased on Monday, with most contracts out until Winter 2025 pushing up around 2/3p/therm, with more muted gains on the far curve. Additional Norwegian maintenance impacted prices at the near curve with two assets at Asgard field removing 13mcm and 7mcm/day of capacity. Similarly to the unplanned outages experienced on Friday, these are set to be shortlived and will return on 9th and 10th April respectively.
10/04/2024	UK gas prices eased on Tuesday with help from mild temperatures and strong wind generation reducing demand. Total UK demand fell by 4mcm from Monday into Tuesday and stood at 185mcm, with strong wind generation reducing CCGT. UK demand has crept up by 20mcm today as temperatures have fallen and will continue to drop to seasonal average into tomorrow. The LDZ demand has increased by 20mcm. Wind output remains strong and CCGT is still at 7mcm.
11/04/2024	UK gas prices have opened a touch higher this morning with front May-24 front month contract breaching the 70p/therm mark once more and trading higher during the early session. An unexpected outage in the UK at Barrow gas treatment plant dropped 6mcm of availability on Wednesday which contributed to DA prices climbing whilst the curve remained relatively flat.
12/04/2024	UK gas prices climbed on Thursday fuelled by a number of supply risks that came to market. The Freeport LNG terminal Train 3 tripped offline and caused some panic about the possibility of lower LNG flows to Europe in the coming weeks, whilst reports emerged from the conflict in Ukraine about damage to gas storage sites and power stations which raised risk about possible damange to further energy infrastructure.
15/04/2024	The UK gas market initially opened lower than Fridays close to start the week, but prices have since climbed higher. The front month May-24 contract is currently pricing at 76.15p/th at time of writing. European commodity markets are being supported by a significant escalation in the conflict in the Middle East over the weekend. Markets are awaiting a response from Israel following a missile and drone attack conducted by Iran. An unplanned outage at Nyhamna has seen a 70mcm loss in capacity, tightening Norwegian gas exports and significantly reducing flows along the Langeled pipeline. Weather is also having a bullish impact with the UK 1-3 degrees below seasonal normal this week. Carbon EUA’s continue their upwards trajectory, rising more than 10% on Friday. Brent has come off from highs over the weekend, dropping back below the $90/bbl mark as a degree of calm returns back to the market with the weekends attack driving fears of a wider conflict.
16/04/2024	The bullish momentum continues on the NBP this morning with the front month May24 contract breaking through the key level of 80p/th and going on to strengthen further, pricing at 81.30p/th at time of writing. Geopolitical events continue to be the main driver of price, with US LNG and Norwegian gas outages also supporting prices to the upside. Freeport, the second largest LNG terminal in the US, is running near to 0 capacity due to unplanned maintenance works. The unplanned outage at Nyhamna is also ongoing after a 1 day extension. Colder weather and weaker wind generation expected later this week is also adding support.
17/04/2024	A slightly softer open on the NBP this morning, driven by expectations that the 50mcm outage at Nyhamna is due to come to an end today, after the outage was extended. The market remains well supported by the geopolitical events, colder weather forecasts and a lack of LNG delivering to Europe. The UK system is balanced at 1mcm today at time of writing. Total demand is at 201mcm, 49mcm below seasonal normal. LNG send out is muted at just 17mcm, 3 cargos are expected to deliver this week. Withdrawals from storage are very strong today, at 39mcm, with the colder weather driving additional heating demand. Langeled nominations are improving on earlier in the week, at 45mcm.
18/04/2024	Prices on the NBP this morning are roughly in line with last nights close with the market moving lower yesterday off the back of the Norwegian outage at Nyhamna coming to an end. The front month May-24 contract is currently pricing at 78.95p/th, 0.4p/th higher than the previous session. The system is 16mcm long at time of writing, with total demand at 187mcm, 63mcm below seasonal normal. Langeled nominations have ramped up to 64mcm, 19mcm higher day on day. Storage withdrawals have also decreased, at just 13mcm today, 26mcm lower day on day. Temperatures are 2-3 degrees below seasonal normal today with forecasts showing a move back up to seasonal normal over Friday and Saturday.
19/04/2024	Prices have rallied on the NBP this morning following reports of an Israeli attack on Iran, which the market has been anticipating since last weekend’s escalations. However, since then we have seen a strong sell off. The front month May-24 contract initially reached as high as 84.50p/th first thing morning but has since dropped to 80p/th at time of writing. The lack of severity in the attacked from Israel appears to be driving the sell off, coupled with some warmer weather runs for the back end of April. The UK system is 20mcm long, with total demand at 171mcm, 74mcm below seasonal normal. The system is comfortably today on stronger Norwegian imports and a decrease in weather related demand following a brief uptick in wind generation and temperatures today.
22/04/2024	Prices on the NBP looked to have cooled slightly this morning after the increased volatility that has been moving the market over the past week or so. At the time of writing the front month May-24 contract is trading at 75.90p/therm. The UK system is long 19.5mcm this morning with some strong flows from Langeled back to near its capacity after some maintenance in Norway over the past weeks. The temperatures are delivering a bit cooler today meaning that the demand for gas today only trails the seasonal normal by around 30mcm, a change from what we have seen in the past months where demand trailed season levels by 50-60mcm at times. One of the main market drivers is the conflict in the Middle East with the escalation of conflict between Israel and Iran. After the retaliatory strike from Israel last week the conflict looks to have calmed slightly with each side now weighing up decisions.
23/04/2024	NBP market has fallen once again from yesterdays close with the front month May-24 contract trading around 73.55p/therm at the time of writing. The UK system is long with morning with the demand forecast trailing the seasonal normal demand by almost 40mcm despite temperatures delivering slightly below seasonal normal levels. The temperature forecast for the UK is expected to run below seasonal normal levels for the rest of April before moving above the seasonal normal levels at the start of May. The EC46 long range forecast shows generally above seasonal normal levels for the UK as we head into the traditional summer months. Wind generation remains choppy for the UK with the end of April expected to deliver some higher than seasonal wind generation. Supply picture remains generally strong with Langeled flow near capacity, there could be a small drop over the next days with some planned maintenance coming online. The storages in the EU are well into injection season with the latest reported figure at 62.12% - around record levels.
24/04/2024	The NBP market looks to have recovered slightly this morning from yesterdays close on the back of some supply tightness. The front month May-24 contract is trading around 73.10p/therm at the time of writing. Langeled flows are down from near capacity 70mcm to 51.6mcm this morning after some planned maintenance has reduced availability. Whilst the availability has decreased there are cooler temperatures are delivering to the UK with average temperatures 2-3 degrees below the seasonal normal levels for April. Wind generation is delivering below seasonal levels at the moment which has put the DA contract at a premium to the FM on the UK Baseload prices. The UK system is long again this morning but much closer to balanced than Monday and Tuesday this week due to the reasons explained above along with a slight increase in LDZ demand. The demand picture still trails the seasonal normal demand by 40mcm.
25/04/2024	The UK system has opened up short this morning for the first time in a couple of weeks after restricted flows through Langeled after maintenance at Oseberg and Ormen Lange has tightened the supply, flows through Langeled have been around 26mcm putting some upwards pressure on the DA contract which is trading at 76.00p/therm at the time of writing. There may be some strong withdrawals from storage today with the UK having cooler than seasonal temperatures.
26/04/2024	Yesterday saw some bullish price movement on the back of some supply tightness restricting flows to the UK, this coupled with cooler temperatures picked up the LDZ demand and left the UK system short, a rarity for April. This morning the supply picture has slightly picked up and the expected completion of maintenance at Ormen Lange and Oseberg could see flows increase. The wind generation is expected to pick up again over the weekend which should see a decrease in gas for power demand
29/04/2024	The UK market has opened weaker this morning, with front month contracts priced around 2p/therm lower than the close on Friday. Demand is low in the UK to start the week with total forecast consumption at 155mcm, 50mcm lower than Friday. Forecast demand has reduced significantly due to warmer temperatures and strong wind generation leading to just 117mcm in LDZ and just 11.5mcm on CCGT demand. Despite weaker demand, the UK system has opened short due to lower Norwegian volumes.
30/04/2024	The UK market has opened a touch higher this morning with all contract periods across the curve posting gains. Demand has been reduced day on day as temperatures continue to build into the working week. Temperatures across the UK are up by around 2°C compared to Monday, bringing LDZ below 100mcm. Consumption has fallen from 155mcm to 140mcm for today. The UK system is balanced based on supply but despite this, prices have opened more strongly
01/05/2024	UK gas prices have opened a touch lower this morning with the near curve posting some small losses on a comfortable system despite weaker Norwegian volumes . The UK has opened 13mcm long with demand forecast at just 143mcm. This figure is 100mcm below the seasonal average. Consumption remains weak as temperatures hold above average with the LDZ heating demand at 84.8mcm
02/05/2024	A slight increase in price this morning as a short system impacts the UK supply/ demand picture and uncertainty in upcoming forecasts bringing some cooler weather into mid May is also providing some bullish momentum to the near curve.
03/05/2024	Prices have eased during early trading on Friday ahead of the bank holiday weekend in the UK as front month contracts shed ~1.5p/therm from the close at time of writing. Demand has crept up by 14mcm in comparison to Thursday, with a small increase in LDZ consumption whilst gas fired power generation has risen due to weak wind output. The demand figure remains well below seasonal average (241mcm) but is expected to remain stronger than this week due to poor wind throughout next week.
07/05/2024	The NBP front month Jun-24 contract is trading at 76.50p/therm at the time of writing, a step down from the close of Friday last week. The UK gas system opened up around 4mcm long this morning despite restricted flows from Langeled as the maintenance in Norway continues. Flows through Langeled have been running at 29mcm, well below the pipelines 70+mcm capacity. The latest demand forecast trails the seasonal normal demand by over 60mcm as warmer temperatures continue to deliver.
08/05/2024	The NBP front month Jun-24 contract has is trading at 74.35p/therm at the time of writing. The UK gas system is long again this morning as the demand forecast trails the seasonal normal level by around 70mcm as the UK experiences some temperatures that are 2/3 degrees above the seasonal normal, the temperatures are expected to peak on Sunday before gradually falling back towards seasonal normal levels in the latter half of the month. Whilst temperatures are up, wind generation is well below the seasonal levels and is expected to pick back up on Sunday also.
09/05/2024	The NBP market has opened at relatively similar levels as seen at yesterdays close with the front month Jun-24 contract trading at 75.60p/therm at the time of writing. LDZ demand for gas is quite weak currently with the warmer temperatures delivering to the UK, 2/3 degrees above the seasonal average is expected to remain into the weekend, this is partially offset by the weaker wind generation expected to pick back up at the same time as the temperatures drop off. Output from solar generation is expected to be higher over the coming days. With this demand picture, the UK is once again long this morning with the latest demand forecast trailing the supply forecast by around 7mcm. The demand forecast comfortably trails the seasonal normal levels by almost 80mcm
10/05/2024	The NBP front month Jun-24 contract Is trading at 76.85p/therm at the time of writing, with the Win-24 contract around 95.80p/therm at the same time. The UK system remains long this morning with the latest demand forecast trailing the supply by 10.4mcm. The demand forecast trails the seasonal normal demand levels by almost 70mcm, a continuing theme of what has been seen this week.
13/05/2024	UK gas and power prices have opened a touch lower this morning on the back of strengthening supply and weaker demand to the UK. The UK is 23.5mcm long this morning with a significant increase in Langeled flows into the UK boosting supply. Partial returns of Troll and Kollsnes have ensured Langeled has increased from 44mcm to 64mcm/day today.
14/05/2024	UK gas prices have eased a touch further this morning with prices pressured by a comfortable system and indications that European supply may be boosted. Total UK demand remains well below seasonal average despite increasing day on day, expected to reach 165mcm/day today and up 20mcm from Monday. The bulk of demand coming from a 6mcm increase in LDZ due to cooler temperatures and an 8mcm/day increase on CCGT due to weaker wind generation. Overall temperatures are set to remain above average and likely to keep demand suppressed below average.
15/05/2024	UK gas prices have ticked up this morning as renewable supply has dropped, bringing increased requirement for gas burn. Total UK consumption has remained largely the same day on day, increasing by 3mcm day on day. The UK exports to Belgium have stepped up and CCGT demand has climbed by 16mcm leaving the system much shorter than on Tuesday. The system has opened just 1mcm long this morning.
16/05/2024	The NBP market opened up relatively flat compared to the close of yesterday with the front month Jun - 24 contract trading at 72.50p/therm at the time of writing. Flows through Langeled are currently running around 60mcm as some of the summer maintenance subsides. These flows could drop again next week with some more planned maintenence taking place at Troll & Kollsnes on the 21st of May. The UK system is relatively balanced this morning with the system only showing 2.4mcm long, with the demand forecast again trailing seasonal normal by around 60mcm.
17/05/2024	A slightly bullish open in the NBP market this morning with the front month Jun-24 trading around 74.70p/therm at the time of writing. Scheduled maintenance in Norway is set to take 170+mcm offline on the 21st of May as the summer maintenance period continues. This could provide some support for the prompt prices next week despite the LDZ demand being low due to the warmer than seasonal temperatures in the UK.
20/05/2024	UK gas prices have opened higher this morning, with gains across the curve to start the week, with front month Jun-24 contract pushing up over 76p/therm. The UK system is relatively comfortable this morning despite the increased prices at the prompt, with total demand 73mcm below seasonal average. Total demand is 15mcm below Friday’s level with warmer temperatures helping keeping LDZ to just 65.3mcm. CCGT demand is up at 33mcm due to weaker wind generation and this is likely to be a main theme throughout the week.
21/05/2024	A bullish day on the NBP on Monday ahead as poor wind generation and anticipation of the large Norwegian outage pushed prices upwards. Low wind generation at just 3GW on Monday with forecasts of 2GW for today have increased the CCGT demand from 33mcm to 41mcm, but total demand is weaker by 12mcm. This has come from a reduced export from the UK across the IUK today.
22/05/2024	NBP prices increased on Tuesday despite holding a long system and demand remaining well below seasonal average. Weaker Langeled flows caused a significant reduction in supply to the UK which bolstered near curve prices with Jun-24 lifting by around 2p/therm. Despite Kollsnses maintenance coming back online, Langeled flows are still yet to increase significantly, and this has caused another bullish start to the market.
23/05/2024	UK gas prices have lifted significantly this morning with all DA through to curve contracts pushing up strongly. The Jun-24 front month contract has traded up over 87p/therm at time of writing, up over 4p/therm compared to the close on Wednesday.
24/05/2024	Prices continued on their bullish path on Thursday, posting gains of around 3p/therm on near curve contracts with gains of around 1p/therm on the seasonal contracts as unplanned Norwegian outages, low wind and a threat of Russian supply caused TTF volatility. Unplanned outages at Troll and Kollsnes ensured that 20mcm/day remained offline following planned maintenance the day before, leading to the UK system opening and trading short throughout the day. Langeled flows on Thursday were lower than on Wednesday during the period of planned maintenance.
28/05/2024	A combination of stronger wind output and weak gas demand gave way to further losses at the NBP on Tuesday. Small, incremental losses of circa 1p/therm (0.034p/kWh) were posted across the majority of curve contracts. Improved wind output likely played into the bearish sentiment; according to data from National Grid, wind turbine output surged from 1.3GW to 7.4GW, contributing to a 54% drop in gas-fired power demand over when compared to Fridays gas-day. Unseasonably low demand continued to serve as a source of underlying pressure, data from National Gas shows that total demand fell to 149.3mcm across the gas-day, representing a substantial drop of 17.5mcm (10.5%) again when compared to Friday
29/05/2024	The UK gas market has opened slightly higher today after prices moved lower throughout yesterday. The Jun-24 front month contract is currently pricing at 81.30p/th, 0.15p/th higher than last nights close after a volatile opening to start the day. Despite weaker demand, prices are being supported by the lack of LNG delivering to Europe, unplanned maintenance events and strength in the oil markets. Brent has risen strongly in recent days on expectations that OPEC will cut production further, extending the current 2.2 million barrel per day cut into the back half of the year.
30/05/2024	The NBP has opened roughly in line with last nights close with the market relatively range bound in the absence of any clear trend defining fundamentals. The bullish drivers of Norwegian maintenance, a poor LNG schedule and uncertainty around Russian supplies going into Austria are being offset by bearish system dynamics. The UK system is oversupplied at 17mcm long at time of writing, with total demand at 137mcm, 65mcm below seasonal normal. Langeled nominations have increased to 53mcm today. Both temperatures and wind are holding above seasonal normal and strengthening further going into the weekend, weakening demand forecasts.
31/05/2024	The UK gas market has opened roughly in line with the previous session, but it has since gone on to strengthen through the morning. The front month Jun-24 contract is currently pricing around the 85.50p/th mark at time of writing, 1.60p/th higher than last nights close. Prices are rangebound with a lack of conviction in the market despite the trend remaining bullish. A poor LNG schedule, ongoing outages and possible supply risks in Austria continue to offer support. These bullish drivers are being somewhat offset today by the bearish factors of strong renewable generation across Europe and yesterdays new out of Brussels that Germany have scrapped a levy on transit gas which should see increased imports in neighbouring central and eastern European countries.
03/06/2024	The NBP market has opened quite bullish this morning with the front month Jul-24 contract trading at 91.50p/therm at the time of writing. Some of the bullish move can be attributed to the outage at Nyhamna which has an unplanned outage taking all of its technical capacity offline – around 79mcm. This outage has restricted flows through Langeled to the UK down to around 2mcm, well below the pipelines capacity.
04/06/2024	Some strong intraday moves on the NBP market yesterday with the price levels for the Front Month July-24 contract reaching into the 90p/therm levels before closing around 87.5p/therm. This morning the market is trading at a similar level to yesterdays close. Much of the bullishness yesterday was attributed to restriction of flows from Norway with the outage at Nyhamna bringing much of its technical availability offline due to a crack in a pipeline on the Sliepner platform. The outage and potential lack of flows spooked the market and caused a rally which sold off again towards the end of the day. Langeled flows this morning are at 0 and this could potentially be the case until the pipeline is fixed. Despite the restricted flows, the UK system is long this morning as the latest demand forecast has dropped below the 100mcm mark.
05/06/2024	After the announcement that the crack in the Sleipner platform pipeline will be repaired in days rather than weeks the market sold off strongly yesterday. At the open of the market yesterday, the Front Month was around the 87p/therm mark and at the close the same contract was around 82p/therm. This morning’s trading has seen some consolidation around 82p/therm for the Jul-24 contract at the time of writing.
06/06/2024	Friday marked a return of flows into the UK via Langeled however early trading has remained mostly flat in comparison to the close yesterday. Langeled flows are up to 42mcm/day today, having been at 0mcm since Monday due to the issue at Sleipner.
07/06/2024	The UK has reduced it’s nett storage withdrawals today as Norwegian flow boosted the supply. Hilltop flows have reduced by 9mcm and Stublach has dropped from 12mcm to 0mcm.
10/06/2024	Prices on the NBP have softened this morning following a ramp up in Norwegian imports along the Langeled pipeline over the weekend. The front month Jul-24 contract is pricing at 76.80p/th at time of writing, roughly 1.50p/th lower than Fridays close. Last week saw the market soften following the end of an unplanned maintenance event at Nyhamna which saw a large reduction in capacity. Since then, Langeled nominations have gone on to increase, nominating at 59mcm this morning.
11/06/2024
	News

OIL

Market

Published	News
02/01/2024	Oil prices jumped in the first session of the New Year, boosted by the chances of Middle East supply disruptions after a naval clash in the Red Sea, as well as hopes of strong holiday demand and an economic stimulus in China, the top importer of crude.
03/01/2024	Oil prices were little changed in Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy against potential supply disruptions from ongoing tensions in the Red Sea.
04/01/2024	Oil rose more than 1% on Thursday, adding to gains in the previous session on concerns over Middle Eastern supply following disruptions at an oilfield in Libya and heightened tensions regarding the Israel-Hamas war
05/01/2024	Oil prices edged higher on Friday after minutes from a Federal Reserve meeting suggested inflation was under control and as U.S. Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening.
08/01/2024	Oil prices fell by more than 1% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting worries about escalating geopolitical tension in the Middle East.
09/01/2024	Oil prices steadied on Tuesday after sliding in the previous session, as markets weighed Middle East tensions against demand worries and rising OPEC supply.
10/01/2024	Oil rose for a second day on Wednesday after an industry report showed a bigger-than-expected drawdown of crude inventories in the United States, the world's biggest oil consumer, that bolstered demand sentiment.
11/01/2024	Oil prices edged higher on Thursday on concerns about escalating conflict in the Middle East with more attacks on Gaza and on shipping in the Red Sea, even as a surprise build in U.S. crude stockpiles capped gains.
12/01/2024	Oil prices rose 2% on Friday as the United States and Britain carried out air and sea strikes on Houthi military targets in Yemen in response to attacks by the Iran-backed group on shipping in the Red Sea.
15/01/2024	Oil prices edged up on Monday as traders watched for supply disruption risks in the Middle East following strikes by U.S. and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea.
16/01/2024	Oil prices were mixed on Tuesday, after posting losses the previous session, as broad economic concerns outweighed continued tensions in the Middle East that led to more tanker diversions.
17/01/2024	Oil fell more than $1 on Wednesday as economic growth in China, the world's second-largest crude user, slightly missed expectations, raising concerns about future demand, while U.S. dollar strength dented investor's risk appetite.
18/01/2024	Oil prices rose on Thursday as the IEA joined producer group OPEC in forecasting relatively strong growth in global oil demand this year, with price impetus also coming from disruption to U.S. output and geopolitical risks in the Middle East.
19/01/2024	Oil prices rose on Friday as geopolitical tensions and oil output disruptions in the U.S., the world's biggest producer, caused by cold weather overshadowed concerns about slow Chinese demand growth and forecasts for ample supply.
23/01/2024	Oil prices eased slightly on Tuesday as traders weighed simmering geopolitical tensions in several regions with supply outages in the U.S. and returning production in Libya.
24/01/2024	Oil seesawed between modest falls and gains on Wednesday as traders weighed the impact on prices stemming from escalating geopolitical tensions, concerns over tepid demand and a stronger dollar. The front-month March contract for Brent crude rose to $79.59 a barrel at 0712 GMT. U.S. West Texas Intermediate crude also ticked up to $74.41 a barrel
25/01/2024	Oil prices rose on Thursday after data showed U.S. crude stockpiles fell more than expected last week and a fresh attack by Houthi forces on ships off Yemen's coast underscored the peril facing trade in a key global transit route. Brent crude futures were up 1.1%, to $80.90 a barrel at 1325 GMT, while U.S. West Texas Intermediate crude was up 1.2%, to $76.01 a barrel.
26/01/2024	Brent crude futures were down 0.6%, to $81.97 a barrel by 0907 GMT. U.S. Thursday's intra-day high of $82.57 is the highest price of the year so far. West Texas Intermediate crude was down 0.6%, at $76.87.
29/01/2024	Oil prices dipped on Monday as China's ailing property sector took another hit while a drone attack on U.S. forces in Jordan added to supply disruption concerns in the Middle East and Houthi militants stepped up attacks on vessels in the Red Sea. Brent crude futures dipped to $83.32 a barrel by 0937 GMT while U.S. West Texas Intermediate crude futures edged down by $77.74.
30/01/2024	Oil prices gained on Tuesday following a more than 1% drop the previous session as escalating geopolitical tensions in major producing region the Middle East fuelled supply concerns. Brent crude futures rose 0.07%, to $82.46 a barrel by 0734 GMT. U.S. West Texas Intermediate crude was up 0.31%, at $76.93 a barrel.
31/01/2024	Oil prices fell on Wednesday as lacklustre economic activity in China, the world's biggest crude importer, weighed on sentiment, but prices were set for their first monthly gain since September as broadening Middle East conflicts raised supply concerns. Brent crude futures for March, which expire today, 0.4%, to $82.56 a barrel by 0700 GMT. The more actively-traded April contract fell to $82.21.
01/02/2024	Oil prices rose on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and on new support measures for China's embattled property market. Brent crude futures climbed to $81.13 a barrel and U.S. West Texas Intermediate crude futures gained to $76.44 at 0919 GMT, after falling by more than $2 a barrel in the previous session.
02/02/2024	Oil prices rose on Friday after the OPEC+ group's decision to keep its production policy unchanged, but benchmarks remained on track for weekly losses on China demand growth fears. Brent crude futures were up 0.6%, at $79.20 a barrel by 1001 GMT and U.S. West Texas Intermediate crude futures gained 0.6%, to $79.20.
05/02/2024	Oil prices nudged higher on Monday, recovering from sharp falls last week, after Washington pledged to launch further strikes on Iran-backed groups in the Middle East and as Ukrainian drones struck southern Russia's largest refinery. Brent crude futures rose 0.3%, to $77.59 a barrel by 0709 GMT, while U.S. West Texas Intermediate futures were at $72.41 a barrel, up 0.2%.
06/02/2024	Oil prices held broadly steady on Tuesday as investors waited to see whether a Middle East trip by top U.S. diplomat Antony Blinken will bring a halt to the Gaza war, which has raised concerns about supplies from the major producing region. Brent crude futures dipped to $77.91 a barrel by 0914 GMT, while U.S. West Texas Intermediate crude futures fell to $72.65. Both contracts gained nearly 1% on Monday, rising for the first time in four sessions.
07/02/2024	Oil prices rose for a third day on Wednesday after U.S. crude inventories grew less than expected and a cut in the forecast for output growth in the U.S., the world's biggest producer, reduced the likelihood of oversupply. Brent crude futures rose to $79.10 a barrel as of 1412 GMT, while U.S. West Texas Intermediate crude climbed to $73.88.
08/02/2024	Oil prices gained ground on Thursday as investors considered the impact of Israel's rejection of a ceasefire offer from Hamas and unexpected drops in U.S. fuel stocks. Brent crude futures rose 1.02%, to $80.02 a barrel by 1239 GMT. U.S. West Texas Intermediate crude futures were up 0.97%, at $74.58.
09/02/2024	Oil prices were on track for over 5% gains week-on-week on Friday, amid persistent tensions in the Middle East after Israel rejected a ceasefire offer from Hamas.
12/02/2024	Oil prices slipped on Monday as investors indulged in some profit-taking after both benchmarks ended last week about 6% higher on Middle East tensions and as refining outages squeezed refined products markets. Brent crude futures were down 1%, at $81.37 a barrel, while U.S. West Texas Intermediate crude futures slipped also about 1%, to $76.1 a barrel at 1022 GMT.
13/02/2024	Oil prices edged up on Tuesday as uncertainty over fighting in the Middle East kept markets on edge, but gains were capped by concerns that central banks will keep interest rates higher for longer to battle inflation, weighing on energy demand. Brent futures rose to $82.30 a barrel as of 0924 GMT. U.S. West Texas Intermediate (WTI) crude gained to $77.23 a barrel.
14/02/2024	Oil prices were little changed on Wednesday, holding on to Tuesday's gains on a robust demand growth forecast from OPEC and a sharp decline in U.S. fuel stocks. Brent crude futures rose by 0.14%, to $82.89 a barrel by 1235 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 0.06%, at $77.92.
15/02/2024	Oil prices fell on Thursday after a larger-than-expected jump in U.S. crude inventories raised doubts about the strength of demand in the world's largest economy and top oil consumer. Brent crude futures fell 0.5%, to $81.22 a barrel at 0837 GMT, while U.S. West Texas Intermediate crude futures declined 0.6%, to $76.21 a barrel.
16/02/2024	"There was a tentative attempt to recover yesterday morning, but hopes were shattered after the IEA published its updated supply-demand outlook," said Tamas Varga of oil broker PVM. Brent crude futures were down 0.6%, at $82.33 a barrel at 0915 GMT. U.S. West Texas Intermediate crude futures fell to $77.70.
19/02/2024	Oil prices fell as investor attention returned to the demand outlook after reports of higher producer prices in the U.S., the world's biggest oil user, stoked worries that sticky inflation and higher interest rates would limit fuel consumption growth. Brent crude futures were down 0.7%, at $82.92 a barrel at 0720 GMT. The March contract for U.S. West Texas Intermediate crude , which expires on Tuesday, was 0.5%, lower at $78.78.
20/02/2024	Oil prices edged up on Tuesday, hovering close to three-week highs on heightened Middle East tensions and recovering China demand.


21/02/2024	Oil prices regained some ground in Asian trade on Wednesday amid concerns over attacks on shipping in the Red Sea and growing expectations that cuts to U.S. interest rates will take longer than thought. Brent crude futures rose 24 cents or 0.3% to $82.58 a barrel by 0721 GMT, while U.S. West Texas Intermediate crude futures (WTI) were up 21 cents or 0.3% at $77.25.
22/02/2024	Oil prices rose for a second day on Thursday, buoyed by a softer dollar and another attack on shipping near Yemen. Brent crude futures rose 0.4%, to $83.38 a barrel at 1036 GMT. U.S. West Texas Intermediate crude futures climbed 0.5%, to $78.28 a barrel.
23/02/2024	Oil prices fell on Friday and were on track for a weekly decline after the U.S. central bank indicated that interest rate cuts could be delayed by at least two more months. Brent crude futures were down 1.6%, at $82.32 a barrel by 1313 GMT and U.S. West Texas Intermediate crude futures lost1.7%, to $77.26.
26/02/2024	Oil prices fell on Monday, extending losses on market views that higher than expected inflation could delay cuts to high interest rates that have been capping growth in global fuel demand. Brent crude futures fell 0.6%, to $81.16 a barrel by 1210 GMT. U.S. West Texas Intermediate crude futures (WTI) were down 0.5%, at $76.09.
27/02/2024	Oil prices were largely stable on Tuesday, as investors weighed up signals of a Gaza ceasefire against the reality on the ground in the Middle East. Brent crude futures fell 0.12%, to $82.43 a barrel by 0923 GMT, while U.S. West Texas Intermediate crude futures (WTI) were down 0.09%, to $77.51 a barrel.
28/02/2024	Oil prices pulled back on Wednesday as the prospect of delays to U.S. interest rate cuts and a rise in U.S. crude stocks offset a boost from a potential extension to OPEC+ supply curbs. Brent crude futures fell 90 cents, or $82.75 a barrel by 0902 GMT. U.S. West Texas Intermediate futures (WTI) were down 1.17%, at $77.95.
29/02/2024	Oil prices fell on Thursday after a larger-than-expected build in U.S. crude stockpiles stoked worries about slow demand, while signs that U.S. interest rates could remain elevated added to pressure.
01/03/2024	Oil prices edged lower on Thursday as U.S. inflation data implied a softening of the world's biggest economy that could weaken crude demand, with rising OPEC production also weighing on prices.
04/03/2024	Oil prices were little changed on Monday following the widely expected extension of voluntary output cuts through the middle of the year by the OPEC+ producer group on Sunday. Brent futures slipped to $83.41 a barrel at 1035 GMT after rising 2.4% last week. U.S. West Texas Intermediate (WTI) fell to $79.74 a barrel following a 4.6% gain last week.
05/03/2024	Oil steadied on Tuesday after falling in the previous session as the prospect of a tighter market due to OPEC+ supply restraint offset concern over Chinese growth and uncertainty over the pace of interest rate cuts.
06/03/2024	Oil prices rebounded slightly on Wednesday after four days of declines as signs of supply tightness amid output cuts by major producers overrode demand concerns in China and the U.S., the world's two biggest crude consumers.
07/03/2024	Oil prices were little changed on Thursday as markets weighed new economic data from China against increasing supply from the Western Hemisphere. Brent crude futures settled flat at $82.96 a barrel. U.S. West Texas Intermediate crude futures ended lower at $78.93.
08/03/2024	Oil prices rose on Friday, driven by growing demand in the world's biggest consumers, the United States and China, while the U.S. Federal Reserve gave a positive signal on the possibility of rate cuts. Brent crude futures were up 0.7% at $83.54 a barrel by 0700 GMT. U.S. West Texas Intermediate crude futures rose 0.9%, to $79.62.
11/03/2024	Oil prices extended last week's losses on Monday on concern about slow demand in China, although lingering geopolitical risk surrounding the Middle East and Russia limited the decline. Brent futures fell 0.2%, to $81.96 a barrel as at 0723 GMT, while U.S. West Texas Intermediate (WTI) dropped 0.2%, to $77.8.
12/03/2024	Oil prices rose in Tuesday trade as geopolitical tensions in the Middle East continued to spur concern, but gains were limited on bearish demand sentiment and as the market waited for monthly reports from oil agencies.
13/03/2024	Oil prices rose on Wednesday on expectations of strong global demand, including in the world's top consumer the United States, while somewhat sticky U.S. inflation did not significantly alter expectations that the Fed might start cutting rates soon. Brent futures for May rose 0.3%, to $82.20 a barrel by 0730 GMT. April U.S. West Texas Intermediate crude contract gained 0.4%, to $77.84.
14/03/2024	Oil prices climbed in early trade on Thursday, supported by strong demand in the U.S. after gasoline stocks hit a three month low and crude stockpiles dropped unexpectedly, with supply concerns remaining after Ukrainian attacks on Russian refineries. Brent futures for May climbed 0.13%, to $84.14 a barrel at 0652 GMT, while April U.S. West Texas Intermediate (WTI) crude rose 0.13%, to $79.82 per barrel.
15/03/2024	Oil prices edged lower on Friday but were on track to gain nearly 4% for the week, boosted by the International Energy Agency revising its 2024 oil demand forecasts higher and an unexpected decline in U.S. stockpiles. Brent crude oil futures fell 0.4% to $85.04 a barrel at 0751 GMT, after crossing $85 a barrel for the first time since November on Thursday. U.S. West Texas Intermediate (WTI) crude fell 0.4% to $80.91.
18/03/2024	Oil prices ticked up in Asian trade on Monday, extending gains from last week of nearly 4% on the view that supply was tightening, with the risks heightened by further attacks on Russian energy infrastructure. Brent crude oil futures for May delivery climbed 0.5%, to $85.81 a barrel by 0720 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 0.6%, at $81.53. The more active May delivery contract for WTI traded 0.6%, higher at $81.08 per barrel.
19/03/2024	Oil prices dipped on Tuesday due in part to the prospect of rising supply from Russia, slower-than-expected downstream demand in sectors such as jet fuel, and cautious trading ahead of the Fed's decision on U.S. interest rates. The Brent crude oil futures contract for May delivery slipped to $86.74 a barrel as at 0708 GMT, while U.S. West Texas Intermediate (WTI) prices fell to $82.03. The WTI April contract, with expires tomorrow, fell to $82.59.
20/03/2024	Oil prices edged lower on Wednesday, as a stronger dollar curbed investor appetite while traders took some money off the table after benchmarks rallied to multi-month highs in the previous session.
21/03/2024	Oil prices rebounded on Thursday as U.S. crude and gasoline stock drawdowns lent support despite signs that the U.S. Federal Reserve may keep interest rates higher for longer.
22/03/2024	Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices.
25/03/2024	Oil prices rose in Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking U.S. rig count added to upward price pressure.
26/03/2024	Oil was little changed on Tuesday after rising in the previous session as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks while a slightly weaker U.S. dollar offered some support.
	while U.S. West Texas Intermediate (WTI) crude futures fell to $81.87 a barrel at 1005 GMT."
27/03/2024	Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the United States, the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
28/03/2024	Oil prices edged up on Thursday, following two consecutive sessions of decline, as investors reassessed the latest data on U.S. crude oil and gasoline inventories and returned to buying mode. Brent crude futures for May were up 0.5%, at $86.49 a barrel while the more actively traded June contract rose 0.4%, to $85.77 at 0757 GMT. The May contract expires on Thursday
02/04/2024	Oil prices rose on Tuesday, underpinned by signs that demand may improve China and the U.S., the world's biggest oil consuming nations, and growing concerns of a widening conflict in the Middle East that could affect supply from region.
	after reaching the highest close for a front month contract since Oct. 27 in the previous session."
03/04/2024	Oil prices extended gains on Wednesday as investors eyed concerns around crude and fuel supplies, following Ukrainian attacks on Russian refineries and the potential for a widening of the Israel-Hamas war to more directly include Iran.
04/04/2024	Oil prices were steady on Thursday, shored up by concerns about lower supply as major producers keep output cuts in place and on signs of stronger economic growth in the U.S., the world's biggest oil consumer.

05/04/2024	Oil prices extended gains on Thursday, settling up more than $1 as geopolitical tensions and output cuts outweighed caution about U.S. Federal Reserve rate cuts. Brent futures for June rose above $91 a barrel before settling up 1.5%, to $90.65. U.S. West Texas Intermediate (WTI) futures for May settled up 1.4% to $86.59 a barrel.
08/04/2024	Oil prices slid more than $1 a barrel on Monday, with Brent falling below $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.
09/04/2024	Oil prices rose on Tuesday after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza amid concerns the lingering conflict could potentially disrupt supply from the key Middle East producing region. Brent crude futures rose to $90.52 a barrel by 0610 GMT. U.S. West Texas Intermediate (WTI) crude was 10 cents higher at $86.53.
10/04/2024	Oil prices rose on Wednesday after two straight days of losses, as the deadlock in Gaza ceasefire talks renewed uncertainty about the security of supplies from the Middle East, offsetting a bigger-than-expected build in U.S. crude inventories. Brent crude futures were up at $89.67 per barrel at 0650 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose to $85.47
11/04/2024	Oil prices slipped on Thursday as persistent inflation dampened rate cut optimism but stayed near six-month highs as investors braced for a potential attack on Israeli interests by Iran.
	while U.S. West Texas Intermediate crude futures lost 0.3% to $85.91 a barrel"
12/04/2024	Oil rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though the market is set for a weekly loss on expectations of fewer U.S. interest rate cuts this year.
15/04/2024	Oil prices fell on Monday as market participants dialled back risk premiums following Iran's weekend attack on Israel that the Israeli government said caused limited damage.
16/04/2024	Oil prices rose on Tuesday after data showed China's economy grew faster than expected, while heightened tensions in the Middle East also kept markets on edge after Israel said it would respond to Iran's weekend missile and drone attack.
17/04/2024	Oil prices extended losses on Wednesday as worries about global demand due to weak economic momentum in China and a likely rise in U.S. commercial stockpiles outweighed supply fears from heightened tensions in the Middle East. Brent futures for June fell 0.44%, to $89.62 a barrel by 0632 GMT, while U.S. crude futures for May fell 0.56%, to $84.88 a barrel.
18/04/2024	Oil prices were little changed after a 3% drop in the previous session as the market remains concerned about demand this year and on signs that a wider conflict in the key Middle East producing region could be avoided.
19/04/2024	Oil prices jumped on Friday as reports that Israel had attacked Iran roiled markets and sparked concerns that Middle East oil supply could be disrupted.
22/04/2024	Oil prices fell by more than 1% on Monday, as the market focus switched to fundamentals after Israel and Iran played down the risk of an escalation of hostilities following Israel's apparently small strike on Iran.
23/04/2024	Oil prices edged higher on Tuesday, after falling in the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East.
	and U.S. West Texas Intermediate crude futures also gained to $82.06 a barrel."
24/04/2024	Oil prices extended gains on Wednesday after industry data showed a surprise drop in U.S. crude stocks last week, a positive sign for demand, though markets were also keeping a close eye on hostilities in the Middle East.
25/04/2024	Brent crude futures rose 0.3%, to $88.31 a barrel at 0805 GMT, while U.S. West Texas Intermediate crude futures gained 0.3%, to $83.06.
26/04/2024	Oil prices rose on Friday, on track to end higher this week after two straight weeks of losses, after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East. Brent crude futures gained 0.5%, to $89.48 a barrel at 0640 GMT, and U.S. West Texas Intermediate crude futures rose by 0.5%, to $84.01 a barrel.
29/04/2024	Oil prices were down 1% on Monday, erasing gains from Friday as Israel-Hamas peace talks in Cairo eased fears of a wider conflict in the Middle East and U.S. inflation data further dimmed the prospects of interest rate cuts anytime soon. Brent crude futures fell by as much as 1.09%, to $88.52 a barrel by 0644 GMT. West Texas Intermediate (WTI) futures were down 0.99%, at $83.02 a barrel.
30/04/2024	Oil edged down on Tuesday after Israel-Hamas ceasefire talks in Cairo helped quell market fears of an expanding conflict in the Middle East, while worries about the outlook for U.S. interest rates dragged on the market. Brent crude futures dipped 0.21%, to $88.21 a barrel at 0630 GMT, while U.S. West Texas Intermediate crude futures slipped 0.24%, to $82.43 a barrel.
01/05/2024	Oil prices fell 1% on Tuesday, extending losses from Monday, on the back of rising U.S. crude production, as well as hopes of an Israel-Hamas ceasefire. Brent crude futures for June , which expired on Tuesday, settled down 0.6%, at $87.86 a barrel. The more active July contract fell to $86.33.
02/05/2024	Crude was also pressured by an unexpected increase in U.S. crude inventories and signs of an impending Israel-Hamas ceasefire that would ease Middle East supply concerns.
03/05/2024	Oil prices edged higher on Friday, but headed for their steepest weekly loss in three months as uncertainty about demand and high interest rates drove a sell-off limited by the prospect OPEC+ will continue to curb output. Brent crude futures for July rose 0.4%, to $83.98 a barrel by 0755 GMT. U.S. West Texas Intermediate crude for June was up 0.3%, to $79.21 per barrel.
07/05/2024	Brent crude futures rose 0.3%, to $83.54 a barrel by 0810 GMT while U.S. West Texas Intermediate (WTI) crude futures were up at $78.49.
08/05/2024	Oil prices fell in Asian trade on Wednesday as industry data showed a pile-up in crude and fuel inventories in the U.S., a sign of weak demand, and cautious supply expectations emerged ahead of an OPEC+ policy meeting next month.
09/05/2024	Oil prices rose on Thursday as falling U.S. crude inventories amid rising refinery intake and a year-on-year increase in Chinese imports last month supported higher demand expectations for the world's two largest crude consuming nations. Brent crude futures for July rose 0.3%, to $83.85 a barrel by 0650 GMT. U.S. West Texas Intermediate crude for June was up or 0.4% to $79.33 per barrel.
10/05/2024	Brent futures rose 0.7%, to $84.47 a barrel at 0635 GMT and are set for a weekly gain of 1.8%. U.S. West Texas Intermediate crude climbed 0.8%, to $79.91, and set for a weekly increase of 2.3%.
13/05/2024	Most stock markets in the Gulf were up on Monday in early trading, amid steady oil prices, while investors awaited U.S. inflation data to gauge the Federal Reserve's policy path for the rest of this year.
14/05/2024	Oil prices were little changed on Tuesday as investors eyed fresh drivers, including upcoming U.S. inflation indicators and a monthly report from the Organization of the Petroleum Exporting Countries this week. Brent crude futures inched higher to $83.47 a barrel at 0630 GMT, while U.S. West Texas Intermediate crude futures rose to $79.21 a barrel.
15/05/2024	Oil prices rose on Wednesday on expectations for higher demand as the U.S. dollar weakened and a report showed U.S. crude and gasoline inventories fell while the release of inflation data may point to a more supportive economic outlook.
16/05/2024	Oil prices extended gains from the previous session on Thursday on signs of stronger demand in the U.S., where data showed slower inflation than markets expected, bolstering the argument for an interest rate cut that could drive greater consumption.
17/05/2024	Brent crude oil rose 0.47%, to $83.66 a barrel by 0750 GMT. U.S. West Texas Intermediate (WTI) crude was up 0.28%, at $79.45.
20/05/2024	Oil prices extended gains on Monday amid political uncertainty in major producing countries after Iran's president died in a helicopter crash and Saudi Arabia's crown prince cancelled a trip to Japan, citing issues with the king's health. Brent gained 0.5%, to $84.39 a barrel by 0632 GMT, after rising to $84.43 earlier, its highest since May 10.
21/05/2024	Oil prices dropped by more than $1 on Tuesday, extending losses on investor expectations that lingering U.S. inflation could keep interest rates higher for longer, depressing consumer and industrial demand.
22/05/2024	Brent crude futures were down 1.2%, to $81.85 a barrel, while U.S. West Texas Intermediate crude (WTI) dropped 1.6%, to $77.41 as of 0802 GMT.
23/05/2024	Oil prices eased for a fourth straight session on Thursday after the minutes of a U.S. Federal Reserve meeting revealed discussions of a further tightening of interest rates if inflation remained sticky, a move that could hurt oil demand.
24/05/2024	Oil prices were stable on Friday as investors considered the latest comments from the U.S. Federal Reserve on interest rates amid sticky inflation, while signs of firming seasonal U.S. fuel demand lent support.
	while U.S. West Texas Intermediate (WTI) crude futures were up at $76.89."
28/05/2024	Oil prices gained more than $1 a barrel on Tuesday on the expectation that OPEC+ will maintain crude supply curbs at its June 2 meeting, while the start of U.S. summer driving season and a weaker dollar also boosted the commodity. Brent crude futures for July delivery settled up 1.4% at $84.22 a barrel. U.S. crude ended at $79.83 a barrel, gaining 2.7% from Friday's close, having traded through Monday's U.S. mark Memorial Day holiday without a settlement.
29/05/2024	Oil prices rose in Asian trading on Wednesday on expectations major producers will maintain output cuts at a meeting this Sunday, and that fuel consumption should begin rising with the start of the peak summer demand season. Brent crude futures for July delivery added 0.2%, to $84.40 a barrel by 0630 GMT. U.S. West Texas Intermediate futures for July climbed 0.3%, to $80.11. Both benchmarks gained more than 1% a day earlier.
30/05/2024	Oil prices eased on Thursday after resilient U.S. economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand. Ahead of U.S. crude oil stockpiles data due later in the day, Brent futures dipped 0.3% to $83.34 a barrel as of 0630 GMT, while U.S. West Texas Intermediate (WTI) crude fell 0.3% to $79.00.
31/05/2024	Oil prices held steady on Friday as investors await U.S. inflation data for clues on the demand outlook before turning attention to Sunday's OPEC+ meeting to determine the state of supply into next year.
03/06/2024	Oil prices were little changed on Monday, as investors weighed a move by producer group OPEC+ to extend deep output cuts well into 2025.
04/06/2024	Oil prices eased as much as 1% in Asian trade on Tuesday, extending losses from a four-month low in the previous session, as investors worried about supply ticking up later in the year amid signs of weakening U.S. demand. Brent crude futures fell 0.93%, to $77.63 a barrel at 0638 GMT. Brent closed below $80 for the first time since Feb. 7, after falling more than 3% on Monday.
05/06/2024	Oil prices hovered near four-month lows in Asia on Wednesday as markets digested an OPEC+ decision to boost supply later this year and following an increase in U.S. crude and refined products stocks.
	while U.S. West Texas Intermediate crude futures were down at $73.23 a barrel."
06/06/2024	Oil prices extended gains on Thursday with support from growing expectations of an interest rate cut from the U.S. Federal Reserve in September, even as the upside was capped by an OPEC+ plan to increase supply and higher U.S. inventories.

07/06/2024	Oil prices ticked higher on Friday, as reassurance from OPEC+ members Saudi Arabia and Russia indicated readiness to pause or reverse output agreements, but markets were headed for their third straight weekly loss. Brent crude futures rose 0.2%, to $80.01 per barrel and U.S. West Texas Intermediate crude futures rose 0.2% to $75.71 as at 0657 GMT.
10/06/2024	Oil prices edged up on Monday, aided by hopes of rising fuel demand this summer, although a firmer dollar boosted by lower chances of imminent interest rate cuts capped gains.
	to $79.77 a barrel by 0644 GMT and U.S. West Texas Intermediate crude futures was up 0.1% at $75.63 a barrel."
11/06/2024	Oil prices traded lower on Tuesday, as investors waited for key U.S. and China CPI data as well as the outcome of the Federal Reserve's policy meeting to glean a clearer picture of where inflation is heading and how that will affect fuel demand.
12/06/2024	Oil prices ticked higher on Wednesday amid upbeat global demand views from the U.S. Energy Information Administration and OPEC, reinforced by industry data showing U.S. crude oil inventories fell more than expected last week. Brent crude futures rose 0.6%, to $82.42 a barrel at 0630 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 0.8%, to $78.52.
13/06/2024	Oil prices fell in early trade on Thursday, as investors digested that the U.S. Federal Reserve had likely pushed back an interest rate cut possibly to December, while ample U.S. crude and fuel stocks also weighed on the market. Brent crude futures lost 0.5%, to $82.23 a barrel, as of 0655 GMT, and U.S. West Texas Intermediate (WTI) crude futures fell 0.4%, to $78.16. Both benchmarks had gained about 0.8% in the previous session.
14/06/2024	Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months after solid projections for crude and fuel demand. Brent crude futures were down 0.5%, at $82.33 a barrel by 0646 GMT. West Texas Intermediate (WTI) U.S. crude futures lost 0.7%, to trade at $78.11 a barrel.
17/06/2024	Global benchmark Brent crude futures were up at $82.68 a barrel at 0805 GMT. U.S. West Texas Intermediate crude futures added 2 cents to $78.47.
18/06/2024	Oil prices were largely stable on Tuesday, as traders awaited signs of a hoped-for summer demand boost to prop up prices even as strong supply threatens to blunt gains. Benchmark Brent crude futures were down 0.2%, to $84.09 per barrel at 0805 GMT after climbing in the previous session. U.S. West Texas Intermediate crude futures , which also rose on Monday, were down 0.2%, to $80.18 a barrel.
19/06/2024	Oil prices were largely steady on Wednesday, near their highest levels in seven weeks as the market weighed concerns over escalating conflicts against demand worries following an unexpected build in U.S. crude inventories. Brent crude futures eased to $84.99 a barrel by 0832 GMT, while U.S. West Texas Intermediate crude was down to $81.14 per barrel.
20/06/2024	Brent oil futures were steady on Thursday, hovering slightly below seven-week highs as the market awaited U.S. inventory data. August Brent crude rose by 0.38%, to $85.39 per barrel by 0837 GMT.
21/06/2024	Crude oil futures were little changed on Friday but on course to rise for a second week amid signs of improving demand and falling oil and fuel inventories in the U.S., the world's biggest oil consumer. Brent futures for August settlement were down to $85.58 a barrel by 0927 GMT, while U.S. West Texas Intermediate crude futures for August delivery were down to $81.19.
24/06/2024	Oil prices inched down on Monday as concerns of higher-for-longer interest rates resurfaced and lifted the dollar, offsetting support for oil markets from geopolitical tensions and OPEC+ supply cuts. Brent crude futures slipped to $85.21 a barrel by 0632 GMT, after settling down 0.6% on Friday. U.S. West Texas Intermediate crude futures were at $80.71 a barrel.
25/06/2024	Oil prices were little changed on Tuesday after rising in the previous session helped by expectations of increased fuel demand this summer, but investors were cautious ahead of U.S. consumer price data. Brent futures for August settlement eased to $85.96 a barrel as of 0640 GMT after gaining 0.9% on Monday, while U.S. crude futures were down at $81.60 a barrel after climbing 1.1% a day earlier.
26/06/2024	Oil prices moved up despite a surprise jump in US stockpiles, driven by geopolitical risks from the middle east and forecast of an eventual inventory drawdown during the third quater peak demand season. Brent crude oil futures rose by 0.48% to $85.42.
27/06/2024	Oil prices dipped thursday as a surprise build in US stockpiles fuelled fears about slow demand from the world's top oil consumer, though declines were capped by worries a potential expansion of the Gaza war may disprupt Middle East supplies. Brent crude oil futures were down 0.1% at $85.19 a barrel.
28/06/2024	Oil prices rose in Asian trade on Friday and were poised for a third straight weekly jump, buoyed by growing expectations that the U.S. central bank will soon start to cut interest rates and firm complex refining margins. Brent crude futures for August settlement, which expire on Friday, rose 0.56% to $86.87 a barrel by 0620 GMT.
01/07/2024	Oil prices rose on Monday, helped by expected peak summer consumption and OPEC+ production cuts, though gains were capped by rising output from other producers and caution over potential market volatility ahead of pending elections. Brent crude futures rose 0.81%, to $85.69 a barrel by 1336 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 0.72%, at $82.13.
02/07/2024	Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth. Brent crude futures rose to $86.88 per barrel as of 0634 GMT after gaining 1.9% in the previous session to the highest close since April 30.
03/07/2024	Oil prices rose on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, while the market kept tabs on flaring tensions in the Middle East.
	to $86.70 per barrel at 0645 GMT. U.S. West Texas Intermediate crude futures climbed 0.5% to $83.23 per barrel."
04/07/2024	Oil prices fell on Thursday, with investors turning cautious on expectations of lower demand as U.S. employment and business data came in weaker than forecast, signalling the economy of the world's top oil consumer may be cooling.
05/07/2024	Oil prices dipped on Friday but were on track for a fourth straight week of gains and were near their highest levels since late April on hopes of strong summer fuel demand and some supply concerns.
08/07/2024	Oil prices slid on Monday after rising for four weeks, as the prospect of a ceasefire deal in Gaza eased geopolitical tensions in the Middle East, while investors assessed potential disruption to U.S. energy supplies from Tropical Storm Beryl.
09/07/2024	Oil prices slipped on Tuesday after a hurricane that hit a key U.S. oil-producing hub in Texas caused less damage than markets had expected, easing concerns over supply disruption. Brent futures fell 0.6% to $85.26 a barrel by 0852 GMT, while U.S. West Texas Intermediate (WTI) crude slipped 0.7% to $81.79.
10/07/2024	Oil prices dipped on Wednesday as the impact from Hurricane Beryl dissipated and inflation data highlighted stubbornly weak consumer demand in top crude importer China. Brent futures were down 0.69%, at $84.08 a barrel, as of 0632 GMT, after falling 1.3% in the previous session. U.S. West Texas Intermediate (WTI) crude was down 0.59%, to $80.93 a barrel, after falling 1.1% in the previous session.
11/07/2024	Oil prices were stable on Thursday with the Brent benchmark holding above $85 a barrel, as investors balanced a bleaker demand growth view from the International Energy Agency (IEA) with a indications of growing U.S. consumption.
	to $82.23."
12/07/2024	Oil prices rose on Friday amid signs of easing inflationary pressures in the United States, the world's biggest oil consumer, with Brent crude peaking above $86 though it was still set for a weekly decline.
15/07/2024	Oil held its ground on Monday, with political uncertainty in the U.S. and the Middle East supporting prices, offsetting downward pressure from a stronger dollar and weak demand in top importer China. Brent crude futures slid 0.2%, to $84.90 a barrel by 0640 GMT after settling down 37 cents on Friday. U.S. West Texas Intermediate crude stood at $82.15 a barrel, down 0.1%.
16/07/2024	Oil prices slipped on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines. Brent futures fell 0.67%, to $84.28 a barrel by 0630 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 0.72%, to $81.32.
17/07/2024	Oil prices inched up on Wednesday, a day after benchmark Brent hit a one-month low, as a decline in U.S. oil stockpiles helped offset signs of weakening demand in China.
18/07/2024	Oil prices were broadly steady on Thursday as investors took profits from earlier gains fuelled by larger than expected declines in U.S. crude stocks. Brent futures dipped 0.2%, to $84.95 a barrel by 1120 GMT and U.S. West Texas Intermediate (WTI) crude was down 0.1%, at $82.79. Both had registered gains in the previous session.
19/07/2024	Oil prices fell on Friday as a strong dollar, mixed economic signals and concern over China's economy weighed on investor sentiment. Brent crude prices fell by 0.5%, to $84.70 a barrel by 0650 GMT. U.S. West Texas Intermediate crude futures fell 0.6%, to $82.33 a barrel.
22/07/2024	Oil prices rose in early trade on Monday as investors keep a lookout for signs of a rate-cut cycle expected to begin as soon as September. Brent crude prices were up 0.57%, at $83.10 a barrel by 0035 GMT, and U.S. West Texas Intermediate crude futures rose 0.52%, to $80.55
23/07/2024	Oil prices steadied on Tuesday after falling for the past two sessions, as investors remained cautious amid expectations of plentiful supplies and weak demand, while brushing off the U.S. presidential campaign upheaval. Brent crude futures for September rose to $82.51 a barrel by 0645 GMT.
24/07/2024	Oil prices rebounded on Wednesday, snapping three straight sessions of decline, as falling U.S. crude inventories and growing supply risks from wildfires in Canada boosted prices. Brent crude futures for September rose 0.5%, to $81.41 a barrel by 0650 GMT.
25/07/2024	Oil prices eased on Thursday as concerns over weak demand in China, the world's largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories. Brent crude futures for September fell 0.7%, to $81.12 a barrel by 0630 GMT
26/07/2024	Oil prices were little changed on Friday but on track for a third consecutive weekly decline, pressured by muted demand in China and expectations of a Gaza ceasefire deal that could ease Middle East tensions and accompanying supply concerns. Brent crude futures for September dipped to $82.36 a barrel by 0744 GMT.

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