Wholesale gas and electricity prices rose sharply on Wednesday with the continuing geopolitical uncertainty. We expect this to continue in the coming days.
If you would like to discuss your individual situation please contact me on 07768 421 901, or do feel free to email me at this address.
| Gas: NBP prices saw large gains yesterday afternoon after the Ukrainian army entered Russian territory, capturing a gas treatment plant. Fears of a US recession and worries over escalating tensions in the Middle East added further bullish factors. Power: Power prices followed the movement of NBP contracts during yesterday’s session. Forecasts of stronger wind outputs did little to outweigh market anxiety stoked by increasing geopolitical tensions. Oil: Prices rallied yesterday, partly due to geopolitical tension and partly due to US inventory data showing a large draw in stocks. Calls for the US to fill their strategic oil reserves would have brought further bullish sentiment. Carbon (EU ETS): The ICE Dec-24 settled at €70.57/t yesterday. The contract is currently trading at €70.51/t this morning. Carbon (UKAs): The ICE Dec-24 rose to £38.15/t yesterday. The contract is trading at £38.09/t at the time of writing. |
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