Wholesale gas and electricity prices were broadly stable on Friday, with gas prices actually dropping across the piece, whereas electricity prices saw very modest increases.
This is hopefully a good omen, and as long as peace and stability break out in the Gulf region, we would expect to see further reductions in the coming days and weeks.
| Gas: Gas prices fell at the end of last week. The prompt was provided with some relief as temperatures were revised downwards for this week. The further out curve moved sideways as it was caught between geopolitical confusion, supply risks and slow storage refills. However, prices have opened bullish this morning. Power: Power prices traded flat last Friday. Gains in the carbon market were offset by mixed movements in the gas market. Prices have strengthened this morning. Oil: Oil prices rose by $1/barrel on Friday over ongoing uncertainty surrounding the negotiations between Iran and Oman for the re-opening of the Strait of Hormuz. Prices have continued to rise this morning due to a lack of peace talks over the weekend between the US and Iran. Iran said that a deal with Oman to define new shipping lanes in the Strait was in its final stages, but the waterway would only reopen if the US met other conditions. Carbon (EUAs): The ICE Dec-26 traded to €83.29/t on Friday. The contract opened this morning at €83.31/t. Carbon (UKAs): The ICE Dec-26 rose to £60.50/t last Friday, opening this morning at £60.44/t. |
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