18th April 2024 Energy Price Alert – UK Gas & UK Electricity

On Wednesday the wholesale Gas and Electricity markets continued their volatile run, albeit this time giving up most of the gains of previous days.

We expect the situation to calm down as the geo-political tensions ease, however if they reignite then there is scope for further instability, which inevitably leads to increases.

Gas: Gas prices softened yesterday as the outage at the Nyhamna gas plant ended, and investors took their profits. 
Power: Power prices fell yesterday due to pressures from falling carbon and gas markets. Power demand throughout April so far has averaged 31.8GWs, which is 2.8GWs below the four-year average.
Oil: Oil prices fell yesterday following global demand concerns, and builds in US stocks. US crude inventories rose by 2.7 million barrels, according to the weekly data by the EIA. Chinese exports fell by 7.5% last year, with retail and manufacturing also missing their targets, raising further demand concerns. However, further declines in prices were limited by tensions in the Middle East, as Iran awaits Israel’s response.
Carbon (EU ETS): The ICE Dec-24 fell to €69.98/t yesterday. This morning the contract is currently trading at €69.09/t after opening at €69.39/t. 

Carbon (UKAs):  The ICE Dec-24 fell to £35.62/t yesterday. The contract has yet to trade at the time of writing.   

#gas #electricity #businessutilities #businessgas #businesselectricity

The Procurement Group

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