3rd June 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale Gas and Electricity prices ended the week broadly stable, with small reductions across the board.

Let’s hope we see further reductions and some stability in the coming weeks.

Gas: Gas prices fell at the conclusion of last week, as a high wind output decreased demand for gas in the prompt. However, planned outages from Norway limited supplies and further declines in prices.
Power: Power prices were volatile at the end of last week, with bearish support from NBP losses and bullish drivers from the UK carbon market.
Oil: Oil prices fell at the end of last week, as the July contract approached expiry. The market was eagerly awaiting the outcome of OPEC+ meeting that was held on Sunday, which will likely drive today’s movements.
Carbon (EU ETS): The ICE Dec-24 softened at the end of last week, falling to €74.10/t. This morning, the contract is trading up at €75.18/t at the time of writing.
Carbon (UKAs): The ICE Dec-24 continued to strengthen at the end of last week, eventually settling upwards at £48.61/t, setting a new high for 2024. The contract has continued to gain strength this morning, currently trading at £49.10/t at the time of writing.

#gas #electricity #businessutilities #businessgas #businesselectricity

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