Wholesale gas and electricity prices were broadly stable on Monday, which was welcome news after the volatility of recent weeks.
| Gas: Gas prices continued to rise yesterday due to a combination of escalating geopolitical risk and strong refilling of storage demand, with European storage 15% below the five-year average. The UK expects to receive three LNG cargoes over the next week. The market has opened stronger this morning. Power: Power prices were mixed yesterday, falling in the prompt and rising in the curve alongside the gas market. Prompt prices fell due to fundamentals and a fall in demand as temperatures are warmer than average and wind generation rose in this week’s forecasts, increasing supply. Prices have opened bullish this morning. Oil: Oil prices were mixed yesterday after attacks by the Houthis on Saudi energy, airport and military facilities. Brent settled 0.3% lower after falling $3/barrel earlier in the session after investors sold off oil and took profits after the market rallied to a five-month high last week. Prices have returned to bullishness in today’s open after reports of additional attacks on vessels in the Gulf. Carbon (EUAs): The ICE Dec-26 closed at €85.40/t last Friday. The contract opened this morning at €85.31/t. Carbon (UKAs): The ICE Dec-26 traded to £63.18/t last night. This morning the contract opened at £63.03/t. |
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