Welcomed drops yesterday as traders closed out their inflated LNG positions given the market fundamentals of low Chinese growth & good gas stocks in the USA, UK & across Europe.
On the lower, power generation, table wind was at 16.3% – the lowest I’ve seen in a long time. Nuclear made up 20% last week but fossil fuels picked up to 44.9%.
In terms of retail prices they’ve been pretty much protected from the wholesale movements on electricity with us seeing week on week drops, while on gas we saw prices up almost 4% on the week
Wishing you a good weekend
| Gas: Gas prices fell yesterday as contracts corrected downwards as traders weighed on bearish fundamentals. Gas storage in the UK has reached 88% capacity. Power: Power prices continued to be influenced by the wider energy complex, namely Gas. Solar Generation is forecast to produce 1.8GWs/day throughout next week, 20% above seasonal norms. Crude: Oil prices continued its bullish momentum yesterday. Continued concerns surrounding supply risks from US Gulf and Hurricane Idalia have provided the upwards trajectory. The severity of the impact has yet to be determined. Carbon (EU ETS): The ICE Dec-23 settled at to €85.76/t yesterday. Opening at €86.17/t, the contract has fallen to €85.33/t at the time of writing. Carbon (UKAs): The ICE Dec-23 closed flat at £47.26/t yesterday. The contract has opened at £47.27/t and has since risen to £47.55/t at the time of writing. |
