Volatility in the wholesale gas and electricity markets continue, due to the continuing global uncertainty. Prices are still fluctuating daily, and TPG’s view remains that it would not be advisable to commit to any long-term energy contracts at this time.

Gas: Gas prices rose yesterday, tracking the gains in the oil markets. Traders also noted that forecasted hot summers in the US and Asia could increase competition for already tight global LNG cargoes.   Power: Power prices tracked the gains in the wider mix yesterday as other markets remain the primary driver for recent bullishness. Domestic fundamentals have continued to soften in the prompt, with wind generation expected to remain high this week.   Oil: Oil prices rose yesterday as the US/Iran talks failed over the weekend and the US moved to blockade Iranian ports. Brent Crude was up 7% for June deliveries by the close of the day. Carbon (EUAs): The ICE Dec-26 fell to €72.59/t yesterday. The contract opened this morning at €72.76/t.   Carbon (UKAs): The ICE Dec-26 closed upwards to £43.60/t yesterday. It opened this morning slightly higher at £44.00/t.

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