21st March 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale gas and electricity prices dropped on Wednesday as traders finished closing out their positions and market fundamentals re-established themselves.

We are hopeful, that after the increases of the past couple of weeks, daily movements will now be downwards.

Gas: NBP prices declined yesterday. Wind output exceeded forecasts, pressuring the day ahead contract. Above seasonal temperatures throughout the remainder of March are likely to impact heating related demand.
Power: Prices declined throughout the curve yesterday, helped by downwards movement in NBP pricing. Gas fired power demand throughout the month to date has averaged 3.2GW below the 4-year average. Power demand in general throughout the same period is 0.6GW below the 4-year average.
Oil: Crude prices fell off yesterday, although much of the risk premium from attacks on Russian refineries remains. EIA data has shown a decline in inventory last week, however, refinery run rates increase for the fifth week in a row.
Carbon (EU ETS): The ICE Dec-24 closed at €60.62/t in yesterday’s session. Opening lower this morning, the contract is trading at €60.14/t at the time of writing.
Carbon (UKAs): The ICE Dec-24 closed at £36.40/t yesterday. Opening lower today, the contract is currently trading at £35.88/t.

#gas #electricity #businessutilities #businessgas #businesselectricity

The Procurement Group

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