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

Wholesale Gas and Electricity prices continue to have notional movements each day, although the trend is ever so slightly upward.

At the moment we are not seeing that it’s having an impact on the retail market, but naturally it could.

Gas: NBP prices were relatively flat throughout Friday’s session. While there was an increase in storage injection, the grid remained well balanced as of 3pm. This morning, most gas contracts are trading up on Friday’s close. 
Power: Power prices behaved similarly to NBP on Friday. Wind output is expected to be below seasonal average over the week, although there’s hope that stronger solar production and warmer temperatures may help offset this. 
Oil: There was mixed news out of China last week, as industrial output exceeded expectations for April. Conversely, weakening retail sales indicate a fall in demand. Investors would still like to see further measures to boost the economy.
Carbon (EU ETS): The ICE Dec-24 closed at €70.69/t on Friday. This morning, the contract opened higher at €71/t and is currently trading up at €73.67 /t. 
Carbon (UKAs): The ICE Dec-24 gained last week, settling at £39.80/t. Opening higher today, the contract is currently trading at £41.42/t.

#gas #electricity #businessutilities #businessgas #businesselectricity

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