Prices continued to rise on Friday
Quite apart from what’s going on in the Middle East the weather has now turned so we’re in to the usual winter cycle of cold weather = prices rise, warmer/windier weather = prices drop. That said, as I keep saying, the fundamentals for the UK market this winter remain strong with good stocks at present and clear visibility of near term LNG cargoes arriving.
| Gas: Gas prices rose at the conclusion of last week, following fears of an escalation over the weekend in the Middle East and the ongoing LNG plant strikes in Australia. Near curve prices were further supported by colder weather across the UK. Power: Power prices continued to be pressured upwards by the Gas market last Friday. Front curve prices were additionally impacted by the outage of the North Sea Interconnector, planned maintenance 16th to 27th October. Crude: Oil prices rose on Friday due to the US sanctioning Russian crude exports and the rising tensions across the Middle East. Prices reached above $90/barrel. Carbon (EU ETS): The ICE Dec-23 rose to €85.95/t last Friday. The contract is currently trading at €84.52/t at the time of writing. Carbon (UKAs): The ICE Dec-23 rose to £51.89/t last week, the highest price for 3-months. The contract opened is trading at £51.00/t at the time of writing. |
