On Tuesday, wholesale gas and electricity prices jumped up but did not cancel out the reductions delivered on Monday.
| Gas: NBP contracts gained yesterday as prices rose throughout the curve. Fundamentally the market remains relatively bearish. So far this morning the market is trading slightly down on last nights close. Power: Power prices also gained throughout most of the curve yesterday. Despite a decline in solar forecasts for next week, wind output is expected to remain circa 20% above average making up for the shortfall and pressuring front week prices. Oil: Crude prices picked up yesterday backed by disruptions to supply. The market eagerly awaits the US Federal Reserve’s announcement on interest rates, expected today at the culmination of their 2-day conference. Carbon (EU ETS): The ICE Dec-24 closed at €64.34/t yesterday. The contract is currently trading below last nights close at €64.05/t. Carbon (UKAs): The ICE Dec-24 fell to £40.62/t yesterday. The contract is currently trading at £40.11/t at the time of writing. |
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