Wholesale gas and electrcity prices dropped back on Friday giving up the gains of Thursday and some of Wednesday. This was welcomed news.
We expect a period of stability with drops along the way.
| Gas: NBP closed relatively flat on Friday, compared to the previous session. UK storage injected approximately 7.4mcm, contrasting withdrawals of the previous two days. Power: Power prices proved bearish on Friday. Falling benchmark carbon contracts pressured the far curve. This morning, the front month and season are trading down on last week’s close. Oil: Volatility continued during Friday’s session. With supply concerns dominating market sentiment, prices were on track for the largest weekly gain that the market has encountered over the past few months. Carbon (EU ETS): The ICE Dec-24 fell to €68.28/t at the culmination of last week. After a volatile start to the day, the contract is currently trading at €67.92/t. Carbon (UKAs): The ICE Dec-24 finished last week at £48.60/t. The contract is trading at £48.99 at time of writing. |
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