On Tuesday wholesale gas and electricity were broadly stable with small increases across the board due to a Norwegian outage.
In the past, such outages have resulted in far larger increases and we take this small movement as an indication of the supply strength in the current market.
Gas: Gas prices rose yesterday following a new outage at Norway’s Nyhamna processing plant, adding 33.8mcm/day to the ongoing 15.4mcm/day outage at Visund. The next shipment of LNG to dock in the UK is expected on 26 June, adding further supply limitations. Power: The power curve increased across most contracts yesterday. The power market continues to track the wider energy complex, with gains in UK carbon increasing the far out curve. A revised downwards projection of wind generation, combined with a full capacity outage of the 1.4GW Viking link between the UK and Denmark, pushed prices upwards in the near curve. Oil: Oil prices rose yesterday amongst hopes of a US interest rate cut in September. The Federal Reserve commented that inflation was moving in the “right direction”, leading to restored hopes among investors for increased demand. Carbon (EU ETS): The ICE Dec-24 found support yesterday, settling higher at €68.50/t. This morning, the contract has found further support and is currently trading at €68.83/t. Carbon (UKAs): The ICE Dec-24 closed upwards at £50.03/t yesterday. This morning, the contract has opened softer, trading at £49.84/t at time of writing. |
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