European gas and power prices moved higher driven by uncertainties on LNG supplies amid the ongoing threat of strikes at Australian LNG facilities, despite still subdued demand, storages more than 90% full and abundant renewables.
The European gas and power prices remain close to the recent lows, with subdued demand, above average storages and abundant renewables limiting the short-term upside potential. The GME’s Italian Gas Index (IGI) is now available.
European spot gas prices moved higher, despite stable fundamentals, with high storage levels and subdued gas demand in evidence. Electricity prices in Europe rose too, supported by thermoelectric demand.
Gas market fundamentals eased further following subdued demand, stable supply and higher than average storages, driving natural gas and LNG prices downward path. Electricity prices decreased too, amid abundant renewables across the continent.
Both gas and power demand were subdued in April. Abundant storages and healthy gas supplies pushed natural gas prices and LNG references lower. The Italian electricity price trended lower too, despite low renewables generation.
Higher than average temperatures still limit gas demand in Italy. Healthy storages and ample supply add to the picture, leading gas prices lower. Electricity prices trended lower too, favored by the increased RES share in electricity generation.