Wholesale gas and electricity prices rose on Tuesday, rebounding from the reductions seen in the past week.
| Gas: Gas prices rose yesterday after rebounding from the sell off since the ceasefire between Iran and Israel. The UK also does not currently expect any LNG cargoes in the month ahead, further supporting prices. Power: Power prices rose yesterday as the market continued to price in the risk of the French nuclear fleet being forced to shutdown due to high river temperatures over the summer. A rebound in gas prices have also indirectly supported price gains. Oil: The September Brent crude future traded flat to $67.11/barrel yesterday. Oil markets have calmed since the ceasefire between Iran and Israel, with the main driver being OPEC+ and their decision to increase output from August. Carbon (EU ETS): The ICE Dec-25 rose to €70.58/t yesterday. Opening at €70.64/t this morning, the contract is currently trading at €71.70/t. Carbon (UKAs): The ICE Dec-25 rebounded up to £46.82/t yesterday. The contract opened at £47.00/t and is currently trading at £47.99/t. |
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