Wholesale gas and electricity prices eased back on Wednesday as the see-saw of this week continues. The movement was very modest and has not impacted retail prices.

Gas: Gas prices softened yesterday. Prompt prices fell due to an upward revision in wind generation forecasts leading to a decline in demand. Prices were also influenced as market participants weighed the likelihood of a prolonged conflict in the Middle East and if supplies would be disrupted.

Power: Power prices were mixed yesterday, with prompt prices falling due to a revised uptick in solar generation of 4.2GWs/day and wind generation expected to generate 9.3GWs/day next week, well above the norm. Curve prices rose, tracking the wider energy complex.

Oil: August Brent crude futures rose to $76.70/barrel yesterday as the conflict in the Middle East continues to escalate, with Israel broadening its attack on Iran’s nuclear sites.

Carbon (EU ETS): The ICE Dec-25 slightly softened to €74.61/t at yesterdays close. The contract opened at €74.55/t this morning and is currently trading at €74.69/t.

Carbon (UKAs): The ICE Dec-25 rose to £53.64/t yesterday. The contract opened this morning trading at £53.50/t and is currently trading at £53.60/t.

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