15th December 2023 Energy Price Alert – UK Gas & UK Electricity

Prices dropped on Thursday (14/12/23) following Wednesday’s unexpected increases.

Gas: NBP prices were once again on the decline yesterday. Weather fundamentals were the main driver of near curve prices. LNG send out is expected to increase day on day, as 3 LNG cargoes are anticipated to arrive.

Power: Near curve power prices were impacted harder than far curve prices yesterday, due to the NBP front month falling 2.6% throughout the session. Above seasonal wind and temperatures added further pressure to the near curve.  
Oil: Oil prices found some bullish momentum yesterday. The US reserve announced no further rates cuts this year, however hinted at the possibility of them in 2024. A drop in US crude inventories added further price support.

Carbon (EU ETS): The ICE Dec-23 closed at €66.79/t yesterday. Opening at €66.74/t this morning, the contract is currently trading at €66.93/t. 

Carbon (UKAs): The ICE Dec-23 rose to £33.34/t yesterday, the contract is currently trading at £33.31/t.
The Procurement Group

Join us...

and 2000+ other CFOs and FDs who are already enjoying our free resources and industry insights.