RE: Is a BK Sell Likely?15 Oct 2024 17:39
Nothing like a balanced view as did you say in Jan energy was normalising ?
Good interims:
Wholesale power and gas prices
UK power and gas prices begun the year continuing the bearish trajectory which was established in Q4 2023. Between the turn of the year and the end of February, the Winter 2024 gas contract lost 18% and was trading around pre-crisis lows. The outlook was soft as we exited the winter with healthy gas storage levels across Europe following another mild winter and with industrial demand remaining low. With a relatively subdued Norwegian maintenance schedule planned for the summer, it looked like supply was adequate to meet demand. The change in direction began in March, with drivers including unplanned outages at the US Freeport LNG terminal as well as at the Australian Gorgon and Wheatsone terminals. Demand has been supported across Asia and Europe due to high cooling requirements, and with Asian prices at a premium to their European counterparts, European LNG send out has fallen to a three-year low. Geopolitical risks have also provided significant support with fears that the ongoing conflicts in the Middle East and between Russia and Ukraine will disrupt gas supplies.