Wholesale gas and electricity prices continued to rise significantly in the upcoming six-month period on Wednesday, with modest increases further out into Winter 27 and no increase for Winter 28.
The outlook continues to be fraught, given the ongoing situation in the Strait of Hormuz, and until that is resolved, there will be no respite, although we expect these increases to level out at some stage.
| Gas: Gas prices continued to rise yesterday, continuously driven by the escalations in the Middle East and the blockade in the Strait of Hormuz. Prices have remained bullish in today’s open. Power: Power prices tracked the gas markets and rose alongside them, gaining 4%. Wind generation is expected to be low in October, further pressuring short term prices. The market has opened stronger this morning. Oil: Oil prices pushed beyond $100/barrel yesterday for the first time in six weeks due to escalating conflict in the Middle East and supply concerns. Inflation fears have started for investors as the US is expected to release the data that will impact monetary policy. Oil continued to be bullish in today’s open. Carbon (EUAs): The ICE Dec-26 closed at €85.57/t last night. The contract opened this morning at €85.40/t. Carbon (UKAs): The ICE Dec-26 traded to £61.61/t yesterday. Opening at the £62.04/t this morning. |
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