Wholesale gas and electricity prices ticked up slightly on Monday, but we expect that to be short-lived. There is, once again, a clear curve between 1-, 2-, and 3-year pricing, although the entire range varies by only 5.8% — from 1-year at the top down to lower prices for 3-year terms.
| Gas: NBP prices gained yesterday due to low wind output and a forecasted rise in demand. The need for storage injections helped support contracts on the near curve. This morning, early trading is up on last nights close. Power: Prompt contracts gained during yesterday’s session, supported by NBP movements and low wind output. Movement in benchmark carbon contracts also helped support the near curve. Oil: Prices gained yesterday, with Brent crude futures up almost 2%. Strong demand offset production increases by OPEC+. Carbon (EU ETS): The ICE Dec-25 dropped to €71.20/t yesterday. Opening at €71.24/t this morning, the contract is currently trading at €70.91/t. Carbon (UKAs): The ICE Dec-25 closed at £47.70/t yesterday. The contract opened at £47.67/t and is currently trading at £47.53/t. |
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