Wholesale gas and electricity prices were broadly neutral, though where there were movements, they were downward on Friday.

In the coming week, we expect further geopolitical tensions, with US tariffs being announced and progress in peace talks in the Middle East. Depending on market sentiment, these developments could lead to a period of volatility.

Gas: Prices fell towards the end of Friday’s session. A fall in demand brought pressure to prompt prices. Forecasted warm temperatures throughout Europe could increase British exports over the coming week.

Power: Power contracts largely tracked NBP movements on Friday. Wind production is forecast below average over the coming week, although solar output is expected to be 20% above norm, potentially making up some of the shortfall.

Oil: A larger than expected supply increase of 548,000 bpd for August by Opec+ has increased fears of over supply, bringing further bearishness to the market. Benchmark prices on Friday closed around $68/bbl.

Carbon (EU ETS): The ICE Dec-25 dropped to €71.67/t last Friday. Opening at €71.641/t this morning, the contract is currently trading at €71.32/t.

Carbon (UKAs): The ICE Dec-25 closed at £47.71/t last week. The contract opened at £48/t and is currently trading at £47.61/t.

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