Bloomberg quotes Nick Campbell regarding the plummet of gas as supplies jump after Norwegian outages end
Norwegian natural gas has once again whipsawed prices in the UK market. After maintenance on gas facilities in Norway cut supply last week, pushing natural gas prices to a six-month high, an end to most of the work sent them to a two-month low. Same-day gas in the U.K. fell as much as 11 percent […]
Norwegian natural gas has once again whipsawed prices in the UK market. After maintenance on gas facilities in Norway cut supply last week, pushing natural gas prices to a six-month high, an end to most of the work sent them to a two-month low. Same-day gas in the U.K. fell as much as 11 percent Monday, its biggest decline since April 7, according to broker data compiled by Bloomberg.
“We are seeing a classic case of mean reversion of the products pricing following the cessation of supply-side issues created by heavy Norwegian maintenance,” said Nick Campbell, an energy risk manager at Inspired Energy Solutions. An end to outages has “helped turn the sentiment bearish.”
