| Gas: Gas prices proved to be bullish across the curve yesterday. The “ceasefire” between Ukraine and Russia, proposed by the US president, did not weigh on markets as Ukraine’s president stated that Russia had already breached the agreement. Prices were further supported by reports of large cargoes being targeted in the strait of Hormuz. Prices have continued to rise in the open this morning. Power: Power prices shadowed the bullishness of the gas markets yesterday. The EU-UK summit is expected to take place on 20 November, where energy security is expected to be a topic. Additionally, the announcement of the summit saw carbon prices rise as the UK may align its UKAs closer to EUAs. Power prices are still bullish in the market open. Oil: Oil prices rose yesterday as attacks on Saudi Arabia dismissed potential supply improvements. Traders are also expecting high US interest rates to fight inflation, driving the $USD higher. Prices have opened bearish this morning as traders weigh up the additional supplies from Russia. Carbon (EUAs): The ICE Dec-26 closed at €88.34/t last night. The contract opened this morning at €87.86/t. Carbon (UKAs): The ICE Dec-26 traded to £66.49/t last night. This morning the contract opened at £65.77/t. |
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