Prices Remain Low on Comfortable Supplies
Power and gas prices continued to fall through April as result of warmer weather affecting demand. Below average demand combined with high LNG supplies to suppress power prices. But tensions in Ukraine underpinned the market, with a 9.1% surge in day-ahead gas in the middle of the month.Demand for gas hit an eight-month low of 185mcm on 24 April, 24% below demand levels a year earlier. In commodity markets, monthly average Brent crude oil edged up 0.3% to $108.1/bl with the threat of US sanctions on Russia prompting security of supply fears. These rises were slightly offset by news of US crude stocks reaching record highs.