Wholesale electricity prices rose again on Wednesday, while natural gas remained stable. We expect continued volatility but anticipate a month-on-month downward trend.
Gas: Most NBP contracts rose day on day. Above-average demand and expectations of low wind output and warm temperatures next week supported near term price. The front season, Winter 25 contract was volatile intraday, eventually settling above the previous close.
Power: Power contracts gained in value yesterday. Prompt pricing was largely supported by weather fundamentals whilst further out on the curve prices tracked higher due to NBP and UKA movements.
Oil: Oil prices rallied yesterday. Despite a growth in US supply, prices gained as Iran suspended its co-operation with the UN nuclear watchdog.
Carbon (EU ETS): The ICE Dec-25 rose to €71.93/t yesterday. Opening at €71.86/t this morning, the contract is currently trading at €71.41/t.
Carbon (UKAs): The ICE Dec-25 rose to £48.15/t yesterday. The contract opened at £47.87/t and is currently trading at £47.60/t.
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