Trading at the beginning of the week started off bullishly due to stronger demand drivers dominating Day-ahead trading. National Grid anticipated an increase in consumption of 21mcm for Tuesday due to colder forecast temperatures from Monday until the middle of the week. Day-ahead and front-month contracts on the NBP gas market held onto the gains made in the previous day’s session to close higher than Monday’s close. Weather was once again the main driver behind the price increase. On Wednesday, milder near term weather forecasts pushed the NBP Day-ahead lower, while the front month shed less value due to a potential cold snap in March. On Thursday, the forecasted milder temperatures for the end of the week began to prevail through oversupply and lower expected demand, which weighed on the Day-ahead contract.
Click on the download button on the right to read the full report.