Wholesale gas and electricity prices rose on Monday as a counter to the drops of last week.
We expect continuing uncertainty in the weeks ahead as the global geopolitical situation develops.
| Gas: There were gains throughout the gas curve yesterday. Downward adjustments to wind output, combined with low temperatures, added support on the prompt. An unexpected outage at St Fergus removed 3.2mcm/day, it’s hoped that it will return today. Early trading this morning has contracts trading up on last nights close. Power: Gains in the prompt were driven by bullish NBP movements yesterday. Reduced solar and wind production for the remainder of the week has the potential to support prices. The UK currently holds a net import position to France, with the UK June25 contract at a premium to its French counterpart. Oil: Prices gained yesterday after the OPEC+ agreed to maintain production levels instead of increasing. This eased market concerns of oversupply. Low stock levels in the US are adding price support, further backed by the upcoming hurricane season. Carbon (EU ETS): The ICE Dec-25 closed at €70.1/t on yesterday. The contract opened at €70.3/t this morning and is currently trading at €70.78/t. Carbon (UKAs): The ICE Dec-25 finished yesterday’s session at £50.11/t. This morning it is currently trading at £50.3/t. |
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