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Last week saw bullish moves in power and gas despite overall bearish fundamentals in weather and LNG supply. The key supporting factor for this move in power were the bullish moves in carbon contracts.
The beginning of last week saw Freeport LNG terminal seek permission to start injecting natural gas into its cooling pipes, signalling the imminent return to operational capacity, this saw front month gas markets shed value aggressively.
Last week saw the market begin to be laced with short term bullish sentiment as low wind generation and cold temperatures helped to support gas demand across Europe.
Last week saw the market dominated by bearish sentiment as wind generation and wild temperatures helped to reduce gas demand across Europe. Weather forecasts continue to the driving force for movements in markets.
Last week saw a major sell off particularly in front month contracts but also along the curve as a result of bearish weather fundamentals and plentiful supplies of LNG arriving on UK shores.
Last week saw the market begin very bullishly as a result of significant emerging weather fundamentals, namely: cold temperatures and low wind generation (20% below seasonal norms). This resulted in some highly volatile price action along the curve.
Early last week saw markets come off hard, while still littered with volatility as prices were jumping around and very large trading ranges emerged across most contracts. However, the markets well and truly closed in a bullish manner.
Early last week saw a lot of market volatility with prices jumping and very large trading ranges across most contracts, this was primarily due to market uncertainty and fundamentals such as an ‘incident’ at a Norwegian gas terminal.
The one commodity that defied the weak close to the week was Brent crude, which off the back of OPEC+’s production cut announcement saw its Dec 22 contract rally 8.74% closing in on $100/barrel again.
Welcome to October, the beginning of winter delivery and the start of a new gas year for the entirety of Europe. The ever-changing energy markets saw another week of volatility last week, as four leaks were found on the two Nord stream pipelines.
The ever-changing energy industry saw another week of volatility as governments across Europe looked to protect their consumers and economies from large scale increases in prices going to winter.