Wholesale gas and electricity prices rose marginally on Tuesday. With the anticipated heatwave, we expect wind production to be subdued, which could put further upward pressure on prices in the coming weeks.
| Gas: Gas prices strengthened yesterday after the US extended their tariff deadline to 1 August. However, the uncertainty around the tariffs may damage long term demand on US exports. In the prompt, a low wind output saw a rise in demand for gas-fired generation. Power: Power prices rose yesterday. In the prompt, a low wind generation of 2.8GWs/day lead to increased demand for fuel fired generation. Despite a high solar output of 3.4GWs/day, curve prices were supported by gains in the wider energy complex. Oil: The September Brent crude future rose to $70.15/barrel yesterday. Prices have risen after the EIA lowered its oil production forecast to 13.37m/bpd, as the lower prices have prompted U.S producers to slow their output this year. Carbon (EU ETS): The ICE Dec-25 dropped to €70.42/t yesterday. Opening at €70.50/t this morning, the contract is currently trading at €70.08/t. Carbon (UKAs): The ICE Dec-25 closed at £47.37/t yesterday. The contract opened at £47.25/t and is currently trading at £46.90/t. |
#gas #electricity #businessutilities #businessgas #businesselectricity
