UK wholesale gas and electricity prices eased back a little on Thursday, albeit the reductions over the last two days do not negate the significant increases in the past four days.
On the generation side, electricity was £135 per megawatt-hour, down around 15% over the week, which is good news.
The outlook remains very unsettled, with a turbulent geopolitical situation in both Ukraine and the Gulf.
| Gas: Gas prices were mixed yesterday. Prices fell in the near curve as forecasts of above average temperatures for the remainder of October will limit demand. Prices in the curve rose as refilling storage risk remains high. Prices have opened mixed this morning. Power: Power prices tracked the underlying gas markets yesterday. Wind generation has been revised upwards in the near curve, weakening demand. Prices fell in the carbon markets, limiting the gains in the curve. Prices have opened mixed this morning. Oil: The oil markets traded flat yesterday as investors weighed the US’s steps to ease restrictions on “shadow fleets”, but the ongoing conflict in the Middle East kept geopolitical risk heightened. Prices have eased this morning but are still heading for weekly gains. Carbon (EUAs): The ICE Dec-26 closed at €85.84/t last night. The contract opened this morning at €85.51/t. Carbon (UKAs): The ICE Dec-26 traded to £63.52/t last night. This morning the contract opened £63.99/t. |
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