Wholesale gas & electricity prices were broadly stable on Tuesday, with marginal reductions expected in the near term and equally small increases in the mid to long term.
| Gas: Gas prices were mixed yesterday. Prices fell in the prompt, but further out contracts rose. Above seasonal average wind in the short-term pressured prices. As of Monday, UK storage levels were at 34% following a withdrawal, increasing the risk for the beginning of Winter and further out contracts. Power: Power prices tracked the Gas market yesterday. A higher average Wind production of 11.4GW/day for the remainder of this week and 12.1GW/day for next week, softened the demand for Gas and prices in the prompt. Oil: Oil prices settled 1% higher yesterday after the US imposed sanctions on Iran, targeting Iranian oil exports. Ukraine’s recent attacks against Russia have caused Russia to shut 17% of its oil processing capacity. Carbon (EU ETS): The ICE Dec-25 softened to €73.61/t yesterday. Opening lower at €73.58/t this morning, the contract is currently trading slightly lower at €73.53/t at time of writing. Carbon (UKAs): The ICE Dec-25 closed downwards to £53.95/t yesterday. The contract opened at £54.06/t this morning and is currently trading at £53.93/t. |
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