Wholesale gas and electricity prices jumped markedly on Wednesday, with no good news coming out of the Middle East.
There are reports today that crude oil exports through the Strait of Hormuz are, in volume terms, approaching pre-conflict levels.
At a retail level, prices continue to rise day by day.
| Gas: Gas contracts clawed back the losses from the previous session yesterday. As diplomatic negotiations between the US and Iran continue to go back and forth through Qatari mediators, the market remains uncertain. There is little market movement this morning compared with last night’s close. Power: Most power contracts tracked gains in the gas market yesterday. Lower than expected wind generation further pressured prompt prices, with weekend forecasts falling to low levels. Further out on the curve, strengthening UKA prices provided a boost for relevant power contracts. This morning, the market has opened at similar levels to last night’s close. Oil: Prices rose yesterday within a volatile market. Geopolitics remaining a key driver. Crude settled c.$103/bbl. Carbon (EUAs): The ICE Dec-26 closed at €85.09/t last night. The contract opened this morning at €84.92/t. Carbon (UKAs): The ICE Dec-26 traded to £61.41/t yesterday. This morning the contract opened £62.11/t. |
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