17th April 2024 Energy Price Alert – UK Gas & UK Electricity

There was increased volatility in wholesale Gas and Electricity on Tuesday, with significant increases in Gas prices.

This is a normal reaction to the current geo-political issues, and we expect further volatility in the coming days.

Gas: NBP prices proved bullish during yesterday’s session, influenced by a range of factors, including tensions in the Middle East and extensions to Norwegian outages. LNG cargo into Britain slowed as preference for deliveries moved to the continent, which combined with a reduction in European wind output pressured the prompt.
Power: Power prices tracked the bullish momentum in NBP contracts yesterday. Further out on the curve, prices tracked gains in the Dec-24 benchmark carbon UKA contract. (For today’s price outlook, as of last nights close, please see the bottom table.)
Oil: The market was mixed yesterday, with geopolitical tension and Chinese demand concerns weighing on contracts. The afternoon session saw trading activity pick up, taking advantage of the morning’s fall in price.
Carbon (EU ETS): The ICE Dec-24 closed at €70.55/t yesterday. This morning, the contract is currently trading at €71.65/t, after opening at €74.10/t.

Carbon (UKAs): The ICE Dec-24 closed at £36.96/t yesterday. The contract is trading at £35.70/t at the time of writing.     

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The Procurement Group

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