Wholesale Gas and Electricity prices dropped at the end of last week, TPG’s view is that we can consider this will continue to be the case.

Gas: Prices fell throughout the curve at the end of last week. After a strong morning’s trading on Friday, contracts shed value throughout the afternoon. Demand expectations for the day, at lunchtime Friday, were below seasonal average. Today, prompt prices have started the day trading up on last weeks close, further out on the curve trading is slightly more bearish.   Power: Most power contracts finished last week down on the previous days close, largely tracking losses in NBP contracts. Day ahead and week 21 contracts gained momentum with wind generation revised back to seasonal norm. This morning, early power trading is mixed, however, the front month and front quarter are trading higher than Friday’s close.   Oil: Crude prices finished the week up. Contracts were buoyed by the first week success of the US & China’s temporary halt to the tariffs put in place in April, with any future tariffs unlikely to be as large as those initially imposed. However, gains were limited as OPEC + look set to stop its voluntarily supply cuts.   Carbon (EU ETS): The ICE Dec-25 fell to €70.99/t at the end of last week. The contract opened at €70.93/t this morning and is currently trading at €71.98/t.   Carbon (UKAs): The ICE Dec-25 finished last week at £48.36/t. Opening at £49.05/t today, the contract is currently trading at £51.07/t.

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