As is the way when these macro-economic events happen pricing started to drop back on Wednesday after the sharp gains of Monday & Tuesday.
By way of a benchmark the Summer 24 & Winter 24 wholesale pricing is back now at levels seen at the beginning of September, so still way below where they were as recently as August.
Being optimistic my feeling is that prices will continue to drop in the coming days as the fundamentals supporting price drops haven’t changed.
|Gas: Prices corrected themselves downwards yesterday after two days of bullish activity. Markets remain concerned after the detected leak in the Balticonnector pipeline between Finland and Estonia. |
Power: Power prices softened alongside the underlying Gas market yesterday. Day Ahead prices were supported by low Wind generation of 3.5GWs yesterday.
Crude: Oil prices softened slightly yesterday as the market awaits any further news from the Middle East. OPEC+ will continue their supply cuts of 1.3m/barrels/day for the remainder of the year. However consumer purchasing across OECD countries has fallen due to higher interest rates, keep demand down.
Carbon (EU ETS): The ICE Dec-23 fell to €84.12/t yesterday. The market opened at €83.93/t today and is trading at €84.3/t at the time of writing.
Carbon (UKAs): The ICE Dec-23 rose to £49.5/t yesterday. The contract has opened at the same level this morning and has yet to trade at the time of writing.