Wholesale Gas and Electricity prices dropped back on Wednesday, which was a welcome relief from the related gains over each of the last 10 days.

Gas: Gas prices fell yesterday, following Slovakia signing a short-term gas supply agreement with Azerbaijan to move gas supplies around Ukraine, easing any concerns on damage to the pipelines within Ukraine.    Power: Power prices fell yesterday tracking the losses in the gas market. Front week temperatures are below average, supporting heating demand, but wind generation is to pick up and perform above average the following week. Wind generation has so far averaged 4.7GWs/day in November, which is 5GWs/day less than the 2019-2023 average.   Oil: Oil prices proved volatile yesterday as bearish fundamentals battled with bullish US sentiment. OPEC+’s downward demand forecast combined with a rising $USD has made oil more expensive for non-currency holders. However, it is expected that the US Federal Reserve will announce another interest rate cut next month, increasing demand. Investors also expect the new Secretary of State, Marco Rubio, to advocate for fresh sanctions on Iranian oil, removing supplies from the market.   Carbon (EU ETS): The ICE Dec-24 fell to €66.31/t yesterday. The contract is currently trading upwards at €67.37/t.   Carbon (UKAs): The ICE Dec-24 fell to £37.57/t last night. The contract is currently trading slightly higher at £37.95/t this morning.

#gas #electricity #businessutilities #businessgas #businesselectricity