Wholesale Gas and Electricity prices gave up Friday’s gains on Monday, and we expect a period of relative stability now.
| Gas: Gas prices dipped yesterday. Gas fired generation is expected to decline, and wind output for Tuesday is expected to increase, forecasting at 5.6GW. Power: Power prices fell yesterday as key fundamentals pressured prices. Further bearishness could be brought on by a combination of wind generation being revised upwards for next week, and the expected return of the Heysham reactor 2 (585MW). Oil: Forecasts of a decline in global demand weighed on oil contracts. Ongoing conflict in the Middle East continues to drive uncertainty in the market. Carbon (EU ETS): The ICE Dec-24 closed at €67.64/t last Friday. The contract is currently trading lower at €67.32/t this morning. Carbon (UKAs): The ICE Dec-24 settled at £40.48/t. This contract is currently trading at £40.30/t this morning. |
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