Wholesale gas and electricity prices were broadly stable on Friday, although this was ahead of news coming through of the latest escalation in the Middle East. We are therefore anticipating increased volatility in the coming days.
| Gas: British demand picking up, due to colder weather, supported prompt prices during Friday’s session. A slight upward trend was felt throughout most of the curve. This morning prices are up again on Fridays close, mainly due to weather and fears of escalation in the Middle East. Power: Far curve prices are feeling the effects of a fall in benchmark carbon UKA pricing. Weather fundamentals are relatively healthy, and all eyes will be on the Middle East for any escalation in the conflict following the weekend’s events. Oil: Prices finished Fridays session down on the previous close. An uplift in demand is pressuring prices with expectations of an oversupplied market. A weak USD is capping losses as it spurs on buying activity from non-USD participants. Carbon (EU ETS): The ICE Dec-24 finished last week down on Thursday’s close at €66.33/t. The contract is currently trading slightly up on close at €66.38/t. Carbon (UKAs): The ICE Dec-24 closed at £36.96/t last week. The contract is currently trading at £37.02/t this morning. |
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