We are seeing a similar picture as we did last week, with the wholesale gas and electricity market remaining very volatile due to the ongoing geo-political issues. 

The retail market, however, is still managing to avoid drastic price changes.

Gas: Gas prices eased slightly at the conclusion of last week due to the easing rhetoric on further escalation of energy infrastructure attacks as the US asked Israel to “hold off” on destroying Iranian gas facilities. Early trading this morning has seen prices rise due to the weekend’s declaration from the US to Iran to open the Strait of Hormuz or the US would “obliterate” Iranian power plants.   Power: Power prices tracked the gas market at the end of last week, falling slightly despite bullish momentum building in the oil and carbon markets. Markets have also opened stronger this morning, tracking the sentiment from the US.   Oil: Oil prices settled at their highest in nearly four years last Friday, as Iraq declared “force majeure” on all oilfields developed by foreign oil firms, and as the US/Iran war escalated with the US deploying thousands of additional marines and sailors to the Middle East.   Carbon (EUAs): The ICE Dec-26 rose to €67.66/t at the end of last week. The contract opened this morning at €66.53/t.   Carbon (UKAs): The ICE Dec-26 rebounded to £37.14/t at last Friday’s close. It opened this morning at £36.39/t.

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