On Wednesday, gas and electricity prices were broadly stable following the last few days’ volatility.
| Gas: NBP prices were relatively steady during yesterday’s session. Lower demand pressured the prompt, at 10am London time, the grid was forecast to end the day 24.8mcm long. This morning most contracts are trading up on last nights close. Power: A fundamentally bearish day yesterday for power contracts, with the main movements experienced in the prompt and revisions to wind outputs next week taking forecast generation to around 20% above normal levels. Oil: EIA data showed a decline in crude inventory yesterday in contracts to prior forecasts that they were to rise. Prices were volatile as the market eagerly awaited the Federal Reserve’s statement on interest rates expected late in the day yesterday. Carbon (EU ETS): The ICE Dec-24 continued to fall yesterday closing at €63.7/t. The contract is currently trading back above last nights close at €64.27/t. Carbon (UKAs): The ICE Dec-24 fell to £39.61/t yesterday. The contract is currently trading higher at £40.31/t |
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