Prices dropped in all periods on both commodities on Monday in what proved to be a good start to the week

Q4 23 electricity is now below £100/MWh while W23 remains at £109.92/MWh due to Q1 24 being at £120.56/MWh

Gas: NBP prices fell throughout the curve yesterday, with the expected return of Norwegian pipelines weighing upon contracts. Forecasts of strong wind outputs applied further pressure to the prompt.  

Power: Power contracts also seen losses throughout yesterday’s session, tracking losses in NBP contracts. Wind output is forecast at 15.5GW throughout today, pressuring  DA contracts. Losses in Carbon markets also weighed on far curve prices. For today’s price outlook, as of yesterdays close, please see below.

Crude: Benchmark oil prices were up yesterday. Supply is set to tighten due to Saudi and Russian production cuts lasting until the end of the year, this has helped the cost of Brent rise by over 30% since early Summer.

Carbon (EU ETS): The ICE Dec-23 plummeted to €80.84/t yesterday. Opening today at €81.03/t, the contract is trading at €80.9/t at time of writing. 

Carbon (UKAs): The ICE Dec-23 fell to £36.62/t throughout yesterday. Opening the same this morning, the contract is currently trading at £36.65/t.