Wholesale gas and electricity prices continued to gain on Wednesday due to the ongoing tensions in the Middle East. We expect this to continue until Iran takes whatever action it is going to.
Expect volatility for the next 10 days or so.
The underlying fundamentals, which support low prices continue and long term we still believe that prices will drop over the winter. In the short term, we expect the current gains to be removed by the end of August.
At a retail level, we are not seeing too much movement yet but expect that to change in the coming days as these short term increases become more sustained.
If you would like to discuss your individual situation please contact me on 07768 421 901, or do feel free to email me at this address.
| Gas: Prices gained yesterday, backed by low wind output. Simmering tensions in the Middle East once again increased volatility. Power: Power prices tracked NBP movements yesterday. Wind generation is expected to pick up again as we enter week 32, with generation forecasts ~20% above average. Oil: Crude prices were bullish yesterday as supply concerns weighed on the market, due to tensions in the Middle East. Carbon (EU ETS): The ICE Dec-24 settled at €69.21/t yesterday. The contract is currently trading at €69.06/t. Carbon (UKAs): The ICE Dec-24 closed at £38.29/t yesterday. This morning the contract is currently trading at £38.61/t. |
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