11th January 2024 Energy Price Alert – UK Gas & UK Electricity

On Wednesday electricity prices continued to drop while gas prices rose very marginally.

We expect to see periodic readjustments, but the good news is that the underlying trend continues to be downward.

We are now seeing electricity contract day prices in the 20p/kwh price range, which is encouraging.

Gas: NBP prices rebounded yesterday as wind generation looks to soften toward the end of the week. Storage levels have dropped 6 percentage points in in the last 5 days, send out is nominated to stay above 100mcm again, as colder temperatures lead to higher heating demand.
Power:  Power contacts were largely driven by market fundamentals yesterday. Pressure was seen further out on the curve due to downwards movement in benchmark carbon contracts.
Oil: Oil prices fell by yesterday’s close after an early afternoon rally. Released data from the EIA showed slowing demand in transport and industrial sectors. The data also shows that US production is remaining strong.
Carbon (EU ETS): The ICE Dec-24 fell to €69.9/t yesterday. Opening at €70.03 /t this morning, the contract is now trading at €69.4/t. 
Carbon (UKAs): The ICE Dec-24 fell, again, to £38.41/t yesterday. The contract is currently trading at £38.09/t.

#gas #electricity #businessutilities #businessgas #businesselectricity

The Procurement Group

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