After the large increases and then decreases of recent days a day of relative stability on Wednesday
Gas: NBP contracts seen gains throughout the curve yesterday. Near term prices were supported by outages in Norway and, despite high output this week, wind power is expected to drop as we move through next week. This morning near term NBP contracts have seen losses.
Power: Most power contracts seen gains yesterday, the near curve, in particular, being supported by NBP movements. The carbon UKA Dec’23 contract lost further value yesterday limiting gains further out on the curve. For price outlook, as of last nights close, please see the chart below.
Crude: Prices remained bullish yesterday as Middle East tensions continued to grow. US inventories fell WoW by around 4.5m bbl, however news of a 4.5% YoY rise in industrial output in China helped strengthen prices.
Carbon (EU ETS): The ICE Dec-23 closed at €81.86/t yesterday. The contract is currently trading at €81.59/t.
Carbon (UKAs): The ICE Dec-23 closed at £45.43/t yesterday, opening lower today at £45/t today. At time of writing, the contract is trading at £45.30/t
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