UK wholesale gas and electricity prices dropped back on Tuesday, which was welcome news.
It is interesting to note that oil flowing through the Gulf is now at about 80% of pre-war levels, and overall exports from that region are over 100% of pre-war levels because of pipelines.
Gas continues to be an issue, which is what keeps the pressure on UK prices. However, the announcement that Jackdaw will open in the North Sea and potentially start producing gas in November means that there is light beginning to appear at the end of the tunnel.
| Gas: Gas prices fell yesterday as unconfirmed reports of a potential peace deal between the US and Iran raised hopes. However, prices have returned to bullishness in the open this morning. Power: Power prices tracked the bearish sentiment in the gas and oil markets. Prices have opened stronger in this morning’s market open. Oil: Oil prices fell yesterday after a meeting between the Iranian President and Pakistan’s army chief (a US-Iran mediator) was held, giving traders hopes of renewed negotiations. However, continued attacks on Saudi energy infrastructure and vessel attacks kept price losses limited. Prices have risen in the open due to escalating Middle East tensions supporting fears of supply disruptions. Carbon (EUAs): The ICE Dec-26 closed at €85.65/t last night. The contract opened this morning at €85.57/t Carbon (UKAs): The ICE Dec-26 traded to £63.43/t last night. This morning the contract opened £63.99/t. |
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