Flagship Energy’s Tejal Shah Energy Markets Update – 15th May 2024

By Staff
2 Min Read

Tejal Shah, Head of Trading & Risk at Flagship Energy provides a market update

The UK and European gas wholesale market has continued to trade within a range over the past week. The markets opened softer on Monday however news that Russia’s military had stationed small assault units near Ukraine’s northern Sumy region, which is close to the Sudzha area where Russian gas transits to Europe via Ukraine, lent some support to TTF and NBP prices yesterday. Slightly lower temperatures on the Continent and lower wind output in Germany has also kept prices supported however with robust supply and high gas inventories the upside should be limited. It appears the market is quite reluctant to move much lower unless there some bearish news. In the meantime, the market is also keeping a close eye on Norwegian maintenance. Next week there is a full shutdown at Kollsnes and Troll on 21st May removing up to 158mcm/d of capacity. Yesterday Gassco also added a planned maintenance at Kårstø on the 22nd May with an 18mcm/d reduction, likely to impact the UK first. Any extensions or unplanned outages is more than likely to support prices.

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