Wholesale Gas and Electricity prices were broadly stable on Wednesday with minimal gains across the board. 1 year electricity stays below £75/MWh and gas remains above 80p/thm.

Gas: NBP prices gained yesterday despite below seasonal norm demand. Wind outputs remain well below average, prompting a day on day increase in flows into Easington. Further out on the curve, a decrease in demand fuelled an increase in storage injections.   Power: Most power prices gained yesterday. Some near-term prompt contracts were pressured by bearish weather fundamentals. During the afternoon, the front month contract was buoyed by NBP movements. It was a slow start to power trading this morning but those contracts that have traded are down on last nights close.   Oil: Oil prices fell again during yesterday’s session. News that US GDP slipped into negative territory. This is the first time this has happened to the US since Q1 2022 brought bearish trading conditions.   Carbon (EU ETS): The ICE Dec-25 closed at €66.55/t yesterday. The contract is currently trading stronger at €67.23/t after opening at €66.38/t.   Carbon (UKAs): The ICE Dec-25 dipped slightly yesterday, closing at £47.21/t. This morning the contract is currently trading higher at £47.79/t.

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