Gas storage at record levels for time of year

Tuesday 6th June 2023

Prices continued their steep falls through the second half of May, with all upcoming Annuals losing value. There is greater confidence coming from the continued large volumes of gas coming into Europe and also by positive news about French nuclear output. UK carbon prices are weaker still.

However, in recent days there have been reminders of volatility that remains across power and gas, with prices spiking before correcting. Whilst the mood remains predominantly bearish, there is always the potential for upward impetus, with oil rising on the US debt deal and the OPEC production cut.