On Wednesday near term electricity prices dipped slightly as supply conditions look a bit more comfortable, while gas rose modestly due to small near-term weather or supply adjustments, reflecting minor day-to-day market movements rather than any major change.
April and October start prices also saw power edge lower while gas was mostly steady, reflecting small market adjustments rather than any major change in outlook.
| Gas: Most gas prices rose during yesterday’s session. A drop in forecasted wind output for today has the potential to increase gas for power generation. Dwindling European storage levels are helping pressure near term prices, although shipping data shows 13 LNG cargoes are expected to arrive on British shores by month end. Power: Power prices moved the opposite way from gas prices yesterday. Weather fundamentals remain steady, resulting in little change in prompt contracts. Further out on the curve, falling carbon prices pushed contracts lower. Oil: Prices rose yesterday as tensions between the US and Iran once again threatened to spill over. The IEA February report shows that they have cut their forecast demand growth for the year to 850,000bbl/day. Carbon (EUAs): The ICE Dec-26 fell to €78.45/t yesterday. The contract opened lower this morning at €76.44/t and, at time of writing, has continued to shed value. Carbon (UKAs): The ICE Dec-26 continued to lose value, closing at £49.26/t yesterday. Opening this morning at £47.49/t. |
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