Wholesale gas and electricity prices continued to rise on Friday., albeit at a slower rate than seen on Thursday.
Our view remains that the market fundamentals, support lower prices and that the recent activity is traders closing out their position.
| Gas: Gas prices increased on Friday. Declines in wind output pulled day-head and near curve prices upwards. The UK expects to receive two LNG cargoes by 24 March. The UK received eight cargoes over the same period last year. Power: Power prices rose last Friday, due to continued support from underlying gas prices in the near curve. Further out gains were supported by the increase in coal prices. Oil: Oil traded flatly at the conclusion of last week, despite early session losses. The IEA raised its global demand growth estimates to 1.33m bbls/day. Output is expected to rise by 1.6m bbl/day as Canada and the US increase production. Carbon (EU ETS): The ICE Dec-24 rose to €59.39/t on Friday. The contract is currently trading at €61.24/t, at the time of writing. Carbon (UKAs): The ICE Dec-24 fell slightly last Friday to £37.51/t. The contract is currently trading upwards at £38.33/t. |
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