Wholesale gas & electricity prices resumed their downward direction on Wednesday, reversing the gains of Tuesday. 

Interestingly, for me anyway, there was a point between 5.30am and 6.30am on Wednesday morning when wholesale electricity prices were negative!! 

In the first 9 months of the year, wind has been the dominant source of UK electricity production which is good news as far as keeping pressure on the market for gas (prices).

Gas: NBP contracts retraced the previous sessions gains yesterday, with the market very reactive to any news around the Russia – Ukraine transit agreement. Met Desk forecasts expect the above seasonal temperatures to continue into week 2 next year. Power: Strong wind output and falling NBP prices led to power contracts trading down on the previous session, yesterday. This morning the prompt is trading slightly above last nights close. Oil: Benchmark prices encountered slight gains yesterday. The market is eagerly awaiting an announcement from the US Federal Reserve on interest rates, with the feeling being that they will be cut. Carbon (EU ETS): The ICE Dec-25 rose to €64.86/t yesterday. The contract is currently trading higher at €65.22/t this morning. Carbon (UKAs): The ICE Dec-25 closed relatively flat to the previous day at £33.58/t yesterday. The contract is trading at £33.64/t currently, this morning.

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