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

On Monday wholesale gas and electricity prices renewed the drops seen at the beginning of last week and are now down week on week following the very small increase on Wednesday and Thursday.  While we do not necessarily expect decreases of this magnitude to continue we do expect prices to continue down to at least those seen previously at the end of February.  

Gas: NBP prices weakened yesterday due to above average temperatures, resulting in lower gas demand. As of last Friday, British storage levels were sitting slightly above levels for the same time last year.
Power: Power prices tracked the wider energy complex yesterday. Despite wind output being revised downwards for the remainder of the week, forecast levels are still within seasonal norms.
Oil: Expectations of increased demand and simmering tensions in the Middle East led to increases in the market. Bullish sentiment was kept in check however, due to soft Chinese economic data.
Carbon (EU ETS): The ICE Dec-24 continued its descent yesterday, settling at €67.99/t at close of play. This morning, the contract has revived slightly, trading at €68.15/t at time of writing, having reached €68.66/t earlier in the morning.
Carbon (UKAs): The ICE Dec-24 closed at £49.33/t. This morning, the contract has continued its bullish trajectory, trading at £49.50/t at time of writing.

#gas #electricity #businessutilities #businessgas #businesselectricity

The Procurement Group

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