Wholesale gas and electricity prices eased back on Monday in the wake of no further geopolitical activity. We anticipate further volatility over the coming weeks as Russia and Iran weigh up their responses.
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| Gas: Uncertainty continued in gas markets yesterday as ongoing geopolitical tensions continue to bring volatility. This morning, markets are trading slightly down on last nights close. Power: Power prices tracked underlying commodity markets yesterday. Gains in the UKA December ‘24 carbon contract were imitated in far curve power contracts. Oil: Prices gained yesterday backed by geopolitical tensions. In the Middle East, fears of disruption to supply have led to the inclusions of risk premiums. In Russia, the war with Ukraine has most recently led to an attack on a nuclear cooling tower increasing market bullishness. Carbon (EU ETS): The ICE Dec-24 rose to €72.65/t yesterday. The contract is currently trading at €70.28/t this morning. Carbon (UKAs): The ICE Dec-24 closed up, trading at £38.69/t at the end of yesterday’s session. The contract has not yet traded today, at the time of writing. |
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