16th September 2024 Energy Price Alert – UK Gas & UK Electricity
On Friday prices ended the week broadly stable, although there were very very small increases.
Gas: Gas prices continued to rise on Friday, following the ongoing Norwegian maintenance period, which is due to be ending this week. The UK will look to return to filling storage for the winter after withdrawals covered the maintenance period.
Power: Power prices increase at the conclusion of last week, tracking the gains in the gas market, despite a weakening carbon market. Wind generation was forecast to produce 7.7GWs over the weekend, 10% above the norm, limiting Day ahead gains.
Oil: Oil prices rose last Friday as Hurricane Francine caused more damage than initially expected, impacting 42% of production in the Gulf of Mexico. The $USD also fell as the markets expect a drop in interest rates, causing oil to be cheaper and more in demand in an already tightly supplied market.
Carbon (EU ETS): The ICE Dec-24 closed downwards at €64.63/t at the end of last week. The contract has opened at €63.85/t this morning and has not yet traded.
Carbon (UKAs): The ICE Dec-24 closed at £42.91/t last Friday, slightly up on the previous day. The contract is currently trading at £42.35/t at the time of writing.
