Prices stabilised on Tuesday with very little movement of note

Gas: NBP prices were mixed yesterday as further maintenance on the Norwegian troll field weighed upon the prompt. Demand has also remained bearish in comparison to seasonal norms. Yesterday storage saw net injections compared to last week where we saw net withdrawals, with 2 further LNG cargoes expected in the next 7-10 days.

Power: Power contracts throughout the far curve can be seen tracking NBP gains, yesterday. On the prompt, well above seasonal wind output has led to the Power Day Ahead contract being at its lowest since the end of March 2021.  For today’s price outlook, as of yesterdays close, please see below.

Crude: Crude prices exceeded $95/bbl yesterday. A production decline in US shale has added to already tight market conditions caused by Saudi and Russian cuts. The US dollar continued to trade well making oil more expensive for other currency holders.

Carbon (EU ETS): The ICE Dec-23 closed at €81.23/t yesterday. Opening today at €81.43/t, the contract is trading at €81.26/t at time of writing. 

Carbon (UKAs): The ICE Dec-23 closed at £36.57/t yesterday. Opening today at £36.92, the contract is currently trading at £36.74/t.