Wholesale gas and electricity prices were strangely calm on Monday, indicating that the Middle East flare-up had already been factored in when prices rose over 5% on Friday. We’re taking each day as it comes at the moment, but fingers crossed for calm markets.
| Gas: Gas prices were mixed yesterday. Prompt prices fell as British demand totalled at 112.56mcm, 37.54mcm below average for this time of year. The UK expects to receive two LNG cargoes by the end of June, limiting gains. Curve prices rose as British storage was only 25% full, increasing the risk of not being appropriately full by the winter. Power: Power prices fell in the prompt yesterday, tracking the declines in the NBP market despite a low wind output of 5.6GWs/day. Curve prices were also supported by the gains in the NBP curve. Oil: Brent crude August futures fell to $73.23/barrel yesterday, slightly softening from the recent spike in price due to the conflicts in the Middle East. Carbon (EU ETS): The ICE Dec-25 fell to €75.34/t at yesterdays close. The contract opened at €75.20/t this morning and is currently trading at €75.26/t. Carbon (UKAs): The ICE Dec-25 fell to £53.86/t yesterday, ending its recent bullish run. The contract opened this morning trading at £54.01/t and has not yet traded at the time of writing. |
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