On Wednesday the wholesale gas and electricity market remained flat, as downward pressure from the market fundamentals was outweighed by trader’s desire to minimise their losses on previously purchased cargoes.
The curves for 1-5 years with April 24 start dates, remain ridiculously flat and therefore our view is that the market will continue to drop.
| Gas: Yesterday’s session brought about little change, with the market remaining fundamentally bearish. British storage sites injected a further 4.2mcm compared to withdrawals throughout the previous session. Power: The power curve experienced subtle change yesterday. Throughout the whole of March, wind production is set to average 10.4GW, 1.3GW higher than the 4-year average. For today’s price outlook as of last night’s close, please see the table below. Oil: Crude prices rallied yesterday. Adding to the bullish sentiment were declines in US inventory levels, whilst attacks on Russian refineries threaten to disrupt global supply. Carbon (EU ETS): The ICE Dec-24 closed at €56.04/t yesterday. The contract is currently trading at €55.71/t, at the time of writing. Carbon (UKAs): The ICE Dec-24 closed at £36.56/t yesterday. The contract is currently trading at £36.57/t. |
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