Gas and electricity prices rise across all periods on Tuesday. We see this as short term, despite the ongoing global geopolitical issues weighing on the market.
| Gas: NBP contracts gained for the second consecutive day. Prompt prices were supported by strong demand and further planned Norwegian outages, as maintenance season continues. The unplanned outage at St Fergus continued yesterday, with hopes it’ll be back to full capacity today. Power: Power prices also gained yesterday with support from rising NBP and benchmark UKA contracts. This morning has seen a mixed start to power trading. The front month and season are both trading down on last night’s close. Oil: Crude prices gained again yesterday. Tensions between Ukraine and Russia are escalating once more, whilst the US and Iran failing to reach an agreement in their nuclear talks buoyed prices. They were further backed by a decline in the US dollar. Carbon (EU ETS): The ICE Dec-25 closed at €72.6/t on yesterday. The contract opened at €72.76/t this morning and is currently trading at €73.3/t. Carbon (UKAs): The ICE Dec-25 finished yesterday’s session at £50.67/t. This morning it’s currently trading at £51.5/t. |
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