10th July 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale Gas and Electricity prices continued their significant drops on Tuesday, which is continued welcomed news.  

We do not expect to see any significant long term upward pressure, but do feel that the price reductions that we are seeing will slow down.

Gas: Gas prices fell yesterday as the market corrected itself after overestimating the damage Hurricane Beryl would cause on US LNG cargoes.
Power: Power prices fell yesterday following declines in the wider energy complex, with declines in the carbon markets softening further out contracts.
Oil: Oil prices fell yesterday as the impact of Hurricane Beryl in Mexico turned out to be less than originally feared. The market expects US inflation to soften this week, leading to hopeful talks of reducing interest rates in September.
Carbon (EU ETS): The ICE Dec-24 fell to €68.56/t yesterday. The contract is currently trading slightly upwards at €68.98/t this morning.
Carbon (UKAs): The ICE Dec-24 continued to slide yesterday, down to £43.04/t. The contract is currently trading at £43.24/t this morning.

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The Procurement Group

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