Gas prices rebound up amid low LNG supply

Gas prices rebounded on Tuesday, supported by low LNG supply and bullish moves on the wider energy complex.

Tuesday marked a reversal of the previous session’s losses, with the majority of contracts posting upside of circa 0.1p/kWh when compared to their previous close, due in part to a bleak LNG outlook.

Data from National Gas shows that LNG send out averaged just 13mcm across yesterday’s session, which came in stark contrast to the circa 105mcm measured for the same date last year, with higher Asian spot prices and US outages redirecting vessels away from European terminals.

Strengthening carbon and coal prices likely contributed to gains further along the curve, the Carbon EUA and Rotterdam Coal benchmark contracts surged by 4.6% and 1.3% respectively (data from ICE).

The market has opened in softer territory this morning, with the new June 24 front-month contract currently being offered circa 0.05p/kWh below its previous settlement, at time of writing.

The UK is currently consuming 28.66 GW’s of electricity (13:30 – 14:00).

The wind has dropped a lot today! The UK’s onshore and offshore wind turbines are only currently generating 3.13 GW’s (10.08%) of the UK’s total electricity with gas for power now having to generate a much larger 8.42 GW’s (27.10%) of the total. Fortunately the above average temperatures is keeping overall demand lower which might help put a cap on potential increases.

If you want to see more information on the wholesale market trends subscribe to our weekly report here.

Back to the Latest News

Our Supplier Panel

The Energy Advice Line is the UK's leading online price comparison and switching service dedicated to small and medium sized businesses in the UK.

Our online quotation engine has been designed to facilitate speedy but accurate commercial electricity and gas prices – all at the click of a button to allow you to search the market for the lowest prices from an extensive panel of suppliers and contract options.

1 5 16 17 13 71 14 110 22 28 44 58 31 51 36 60 46 65 70 79 81

Customers Love Us !

Say 'No' to cold calling on business energy

Unfortunately, business electricity and business gas customers in the UK are bombarded with unsolicited cold calls on a daily basis.

This unscrupulous approach does not offer the business energy customer an impartial view on the market and the price offered is more often 20-30% above the current retail price for electricity or gas.

At Energy Advice Line we strongly advise customers to not accept these offers and follow our simple steps to ensure that they are not locked into an uncompetitive contract.

Join our cold calling campaign here, and spread the word to say 'no' to cold calling on business energy!

Say No To Cold Calling on Business Energy