On Tuesday wholesale Gas and Electricity prices rose as expected, due to the ongoing instability in the Middle East.
Assuming there is no further escalation, we expect prices to stabilise over the coming weeks.
If you would like to discuss your individual situation please contact me on 07768 421 901, or feel free to email me at this address.
| Gas: Gas prices rose yesterday due to an increase in gas fired power demand, alongside British storage filling faster than recent years. Storage reached 2.1bcm throughout July, the highest point in the year since 2017. Power: Power prices continued to gain yesterday following a projected low wind output in the prompt, leading to reliance on more expensive gas fired power demand. Oil: The oil market saw little trading yesterday as the front month contract expired and most traders had already rolled their positions. The market is eagerly awaiting a decision from the Federal Reserve about US interest rates. OPEC is also having a meeting on Thursday to discuss their production cuts which are currently sat at 2.2m/barrels/day. Carbon (EU ETS): The ICE Dec-24 traded flat yesterday and settled at €68.64/t. The contract is currently trading at €69.06/t. Carbon (UKAs): The ICE Dec-24 softened to £38.72/t yesterday, continuing its recent bearish run. This morning the contract has rebounded and is currently trading at £39.02/t. |
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