Wholesale gas and electricity prices continued to drop on Tuesday as geopolitical pressures, specifically a potential Ukraine deal, drove prices down.

Gas: Gas prices continued to soften yesterday. News of the negotiations between Ukraine and Russia progressing softened prices as the market expects Russian gas to return to market. Europe continues to receive favourable rates on US LNG, keeping medium range supplies ample.   Power: Power prices fell yesterday, tracking the gas and oil markets. An unplanned outage at Hartlepool nuclear reactor 2 has been extended by three days to come back online by 8 January, tightening supply in the prompt.    Oil: Oil prices continued to fall yesterday, falling to a near 5-year low. Concerns over an oversupplied market coupled with progress in peace talks between Ukraine and Russia softened prices.   Carbon (EUAs): The ICE Dec-26 closed at €87.36/t last night. The contract opened today at €87.61/t.   Carbon (UKAs): The ICE Dec-25 settled flat at £59.46/t yesterday. The contract opened at £59.79/t today.

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