Prices have continued to drop, which is most unusual for this time of year
That said, its welcome and we don’t expect sustained, significant increases going forward.
| Gas: Yesterday prices retraced the bullishness from Monday’s session. Pressure has been added through a weak demand outlook. Strong wind and warmer temperatures have provided a grid that was 2.9mcm oversupplied at 3pm yesterday afternoon. This morning markets have opened steady with many contracts trading up on last nights close. Power: Power contracts were bearish yesterday, as pressure was applied by a 7.5% drop in the NBP front month. Expected strong wind output and milder temperatures also weighed on the prompt. Wind power generation next week is expected to average 16.1GW/day. Oil: Crude prices were up over $1/bbl yesterday on the back of a weaker US dollar causing an increase in buying activity, from non-USD nations. A multi-national group brought together to ensure safe passage across the Red Sea is expected to add bearish tones to the market. Carbon (EU ETS): The ICE Dec-24 closed at €73.73/t last night. Opening at €72.02/t this morning, the contract is currently trading at €72.98/t. Carbon (UKAs): The ICE Dec-24 closed at £39.68/t yesterday, the contract is currently trading up at £41.45/t. |
