Wholesale Gas and Electricity prices dropped back on Tuesday, as the market fundamentals came in to play.
| Gas: Gas prices lost their recent gains yesterday, as bearish fundamentals outweighed supply concerns. High wind generation limited demand for gas in the prompt, whilst high storage levels and limited need for gas injections weighed on the near curve. Power: Power prices fell yesterday after being pressured by the gas market, with further out costs being influenced by the decline in UK carbon. Although, the 500MW interconnector with Ireland is due a full capacity outage between 15th and 19th of April, supporting near curve prices. Oil: Oil prices traded near flat yesterday. Prices settled near the previous session’s cost due to a a combination of stalling ceasefire talks, US interest rate cuts not expected until September, and US crude stocks increasing week on week. Carbon (EU ETS): The ICE Dec-24 continued to rise yesterday to €64.07/t. This morning, the contract is currently trading up at €64.8/t. Carbon (UKAs): The ICE Dec-24 fell to £35.43/t yesterday. The contract has yet to begin trading at the time of writing. |
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