16th May 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale Gas and Electricity prices were broadly stable with very minor movements, mostly reductions, on Wednesday.

Gas: The NBP market was relatively stable throughout yesterday’s session, as the impact from last week’s unplanned Norwegian outages begins to ease. The UK is expecting one LNG cargo in the next week, due to arrive in five days’ time.
Power: Yesterday was a mixed day for power prices. Some far curve contracts gained, supported by marginal lifts in the Dec-24 UKA contract. For today’s price outlook as of last night’s close, please see the table below.
Oil: Oil demand forecasts declined yesterday, as the IEA made a downwards revision on their global forecasts. Despite this, the market still rallied on positive information coming out of the US.
Carbon (EU ETS): The ICE Dec-24 fell to €69.46/t yesterday. This morning, the contract opened at €68.93/t and is currently back trading at last night’s close of €69.46/t.
Carbon (UKAs): The ICE Dec-24 gained yesterday, settling at £38.92/t yesterday. Opening lower this morning, trading at £38.69/t.

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