20th June 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale gas and electricity prices were a mixed bag yesterday with more increases than decreases due to forecast reductions in wind affecting the short term market and inbound pipeline capacity cuts affecting the market further out.

We expect these to be short term issues.

Gas: NBP prices gained yesterday. The wind forecast throughout the remainder of the week has been revised downwards, adding pressure to prompt contracts. Further pressure was added with the announcement of BBL pipeline capacity cuts.

Power: GB Power continued its bullish trajectory, pressured by market fundamentals. The front-month and Season are trading up on last night’s closing price this morning.

Oil: Prices gained throughout yesterday’s session. Rising tensions in the Middle East and Ukrainian drone attacks in Russia have helped support prices.

 Carbon (EU ETS): The ICE Dec-24 found support yesterday, settling higher at €70.33/t. This morning the contract is trading higher at €71.5/t. 

Carbon (UKAs): The ICE Dec-24fell back to £49.37/t yesterday. This morning the contract is trading at £49.30/t at time of writing.

#gas #electricity #businessutilities #businessgas #businesselectricity

The Procurement Group

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