Wholesale gas and electricity prices rose sharply on Tuesday but we dont expect these rises to stick.
| Gas: Gas prices rallied yesterday as the market was notified of a planned outage at Norway’s Kårstø plant, whilst British imports fell by 65/MCM. There were also concerns surrounding the restart of the US Freeport terminal, and the return of LNG to Europe. Power: Power prices rose yesterday following a low wind output of 4.2GWs, and gains in the gas market. Prompt prices were also impacted by an unplanned capacity reduction on the 2GW France-UK interconnector. Oil: Oil prices fell yesterday, as signs of a struggling Chinese economy concerned the market. China grew 4.7%, which is less than the expected 5.1%. Further limitations were found in the rising $USD, making oil more expensive for non-currency holders. Carbon (EU ETS): The ICE Dec-24 closed at €68.02/t yesterday. The contract is currently trading lower at €67.77/t this morning. Carbon (UKAs): The ICE Dec-24 saw some support and rose at £40.97/t. The contract has not yet traded at the time of writing. |
#gas #electricity #businessutilities #businessgas #businesselectricity
