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Fundamentals are mixed this morning but prices remain slightly bullish - 06-01-2022

Closing price: In comparison to recent price movement, the price rises seen yesterday were very modest with a 2 to 4% gain. Yesterday’s rise was driven in part by the unplanned outage at the Oseberg facility in Norway, exacerbating an already tight gas network. The good news is this outage is expected to be resolved today, only causing short term disruption.

Opening Price: Mixed opening this morning, but prices have trended higher with the below seasonal temperatures. Supply is healthy to meet demand, and wind generation looks set to be strong for the rest of the week. Reduced Russian gas flows continue to be an issue overall.