Gas prices rose slightly on Tuesday but not enough to outweigh the falls seen on Monday
With good gas stocks at present and 8 x LNG cargoes arriving in the next week there is no reason to anticipate any significant increase
| Gas: Gas prices rebounded from the previous day’s losses. Total Gas demand rose by 7%, with an underlying increase of 19% for Gas for Power demand. The UK expects to receive 8 LNG cargoes by the 14th of November, keeping supplies healthy. Power: Power prices rose in the prompt following the gains in the Gas market yesterday. Front week Wind generation has been revised downwards by 0.6GWs but is still operating 20% above average. French nuclear power output has softened this week, causing the UK to export more power. Crude: Oil prices reversed yesterday’s rally as economic data from China dampened global demand, offsetting the supply cuts of OPEC+. China’s exports were down 6.4% in October, a decline worse than forecasted. Carbon (EU ETS): The ICE Dec-23 fell to €75.25/t yesterday. The contract is currently trading at €75.2/t at the time of writing. Carbon (UKAs): The ICE Dec-23 rose to £41.15/t yesterday. The contract is currently trading at £40.95/t at the time of writing. |
