Wholesale Gas and Electricity prices edged lower on Monday as a result of the higher temperature and a possibility of resolution to the Ukraine conflict.

Gas: Gas prices fell yesterday. Prompt prices fell due to forecasts of warmer weather, limiting demand. Curve prices were influenced by the declines in the carbon markets whilst following the sentiment of a proposed Ukraine/Russia ceasefire. Power: Power prices fell yesterday. In the prompt, a strong solar output of 2.9GWs/day combined with a lower wind output of 7.5GWs/day reduced demand for fuel-fired power. The curve continued to track the softer prices in the gas market. Oil: Oil prices edged higher yesterday. China showed a 4% increase in year-on-year retail sales over the first two months of 2025, leading to the prospect of rising Chinese demand for oil. Carbon (EU ETS): The ICE Dec-25 closed lower yesterday at €70.11/t. This morning the contract is trading slightly down at €70.09/t after opening at €70.48/t. Carbon (UKAs): The ICE Dec-25 fell to £43.54/t. The contract is has continued to trade softer this morning at £43.35/t.

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