Wholesale gas and electricity prices eased slightly on Tuesday, although they did not give up all of the gains from Monday. We expect this volatility to continue.
| Gas: Gas prices softened yesterday. A fall in domestic demand combined with a strong renewable output in the prompt saw prices fall. Curve contracts tracked the prompt losses, despite UK storage settling at 33% fullness. Power: Power prices fell yesterday. A strong renewable output of 12.5GWs/day pressured prompt contracts. The planned outage at Hartlepool 1 nuclear plant of 620MWs has been extended by a further week, with the return to operation now set for 16 September. Power curve prices were influenced by the falling gas curve. Oil: Oil prices rose yesterday after Israel attacked Qatar. Trader concerns around a supply gut capped further gains. Carbon (EU ETS): The ICE Dec-25 fell to €76.9/t yesterday. Opening at €76.97/t this morning, the contract is currently trading at €76.93/t, at time of writing. Carbon (UKAs): The ICE Dec-25 continued its recent bullish trend and rose to £57.3/t yesterday. The contract opened at £57.46/t this morning and is currently trading at £57.50/t. |
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