Wholesale Gas and Electricity prices resumed their downward momentum on Wednesday.
There is now a clear curve with a gap between 1 and 2 year prices and a further gap between the 2 year and 3/4/5 year prices.
TPG expect the spike of 2 weeks ago to be out of the system within the next 7-10 days.
| Gas: NBP contracts fell yesterday. Temperatures are set to be milder over the remainder of the month, bringing bearishness to prompt pricing. This morning, early trading is down on last nights close. Power: Prompt power prices fell yesterday tracking movement in their corresponding NBP contracts yesterday. A drop in wind output provided momentum for the day ahead contract. This morning, trading has been slow, however, the front month, season and quarter are slightly down on last night. Oil: Prices rallied yesterday with bullish economic data coming from the US. However, price increases were limited as both the EIA and OPEC cut back its global demand forecasts. Carbon (EU ETS): The ICE Dec-24 rose to €68.63/t yesterday. The contract is currently trading slightly higher at €68.67/t this morning. Carbon (UKAs): The ICE Dec-24 closed at £34.99/t last night. The contract is currently down, trading at £34.78/t. |
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