On Friday, wholesale gas and electricity prices started to ease off. Dependent on what happens in the Middle East this week, the prices should continue to fall.
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| Gas: Gas prices fell at the conclusion of last week, taking direction from the increased forecast of wind output, with gas fired power demand expected to decline by an expected rate of 56% day on day. Power: Power prices fell last Friday, tracking losses in the wider energy complex. High wind forecasts of 9 GWs/day over the next fortnight will likely lead to less demand on gas for power demand. Oil: Oil prices fell last Friday on the back of weak US labour market data, and concerns surrounding a weakening demand in China. US employment data showed an increase of 114,000 jobs in July, which is almost half of what the market expected. Carbon (EU ETS): The ICE Dec-24 settled at €70.58/t before the weekend. The contract is currently trading at €68.65/t, after opening at €69.32/t. Carbon (UKAs): The ICE Dec-24 reversed the previous session’s gains last Friday and reached £38.82/t yesterday. This morning the contract is currently trading at £38.45/t. |
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