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Warm Weather and Strong Supplies Push Prices Down

Close price: Temperatures persisting +3°C normal levels and wind output pushing 12GW is providing a strong supply into the system while keeping gas demand lower. European storage at 37% has surpassed last years comparable level of 30%. This helped to take off some of the risk premium out of late summer, start of Winter months.

Opening price: Prices continue to tumble down today, as the strong supply is currently overshadowing political risk surrounding Russian at the moment. Total Russian flows continue to hold steady. Fear in the market is easing off as fundamentals continue to improve.