Electricity prices showed very small near term increases with drops further out; gas contracts rose more sharply on Monday but we expect to see that drop back in the coming days as the fundamentals remain strong. That said we are going in to winter and sudden cold snaps do disrupt the market
| Gas: Near curve contracts gained yesterday as LNG arrivals in Britain continue to slow, with only 8 vessels expected to berth before the 26th November, 7 vessels down on the same period last year. This morning the market has opened slightly down on yesterdays close. Power: Storm Debi has brought higher winds and milder temperatures lending support to near curve prices. Far curve movements were curtailed by falling carbon prices. Crude: Crude prices gained yesterday driven by the OPEC indicating demand is healthy, despite market signals. Adding bearish elements to the market is the anticipated return of Iraqi exports. Economic data is expected to be released this week by several countries and this is likely to drive market sentiment. Carbon (EU ETS): The ICE Dec-23 closed at €77.48/t yesterday. Opening down this morning, the contract is currently trading at €76.92/t at the time of writing. Carbon (UKAs): The ICE Dec-23 finished at £40.85/t yesterday, down around £4/t on Fridays close. The contract is currently trading at £40.64/t at the time of writing. |
