The market has got a little more bumpy of late, but overall prices are still consolidating at the level they are at, just with a bit more daily volatility. As mentioned in Friday’s report, the markets are still struggling to build significant momentum to break out its range.
Over the weekend we saw EU gas storage levels drop below 70%. It might provide impetus to increase prices. But remember the 5 year average for this time of year is 51%, so we are near 20% higher than normal. An overall bearish signal.
Another bearish signal is the approval to liquify gas at Freeport LNG terminal in Texas. The final step is for the approval to load tankers to be given, and Freeport can resume. We should expect its return this quarter. At its full capacity, it can outturn 2.1bcm of gas in LNG a day. An impressive amount.
Once again, the UK is going through a cold spell. Although much tamer than the ones seen before this Winter. Temperatures are forecasted to rise above seasonal norms by the end of the week, making the spell short lived.
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
30/01/2023 | 140.00 | 128.00 |
31/01/2023 | 145.00 | 123.00 |
01/02/2023 | 152.00 | 132.00 |
02/02/2023 | 142.00 | 131.00 |
03/02/2023 | 141.50 | 162.00 |
06/02/2023 | 151.00 | 172.50 |
7 day averages
Gas (pence per therm) 145.25
Electric (£ per MWh) 141.42
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