Energy Market Update - 22 February 2024

The UK system opened long this morning as a result of higher flows than expected.

In the previous session, European gas spot prices showed mixed trends due to expected colder weather, with unplanned maintenance at Kårstø affecting flows and UK LNG send-out hitting its lowest since late November.

Curve prices saw marginal gains further out, while power prices increased on the front curve amid continuing bearish fundamentals. EU storage levels remained slightly above the previous year.

Today's session opened with the UK system slightly long, improved flows from Norway post-maintenance, and an anticipation of higher demand due to colder temperatures and lower wind speeds, expected to influence the market dynamics in the coming days.