22nd April 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale Gas and Electricity prices eased back on Friday as the knee jerk reactions of previous days abated.

TPG’s view remains that market fundamentals strongly support lower prices.

Gas: Gas prices fell at the conclusion of last week. The markets calmed after rumours of retaliation between Iran and Israel were dismissed. Domestic demand forecasts were down by 10.2MCM from the previous session. However, an unplanned outage at Norway’s Ormen Lange field limited further declines.
Power: Prices fell last Friday following losses in the gas market, whilst the declines in the UK carbon market pressured the further out contracts.
Oil: Oil prices rose at the end of last week but finished the week downwards. Prices rose due to reports of explosions in the Iranian capital of Isfahan. The US is likely to impose further sanctions on Iranian oil, but this will not slow Iran’s exports to China, who are beyond the reach of US sanctions. 
Carbon (EU ETS): The ICE Dec-24 fell to €68.81/t last Friday. This morning, the contract is currently trading at €67.66/t after opening at €67.26/t.
Carbon (UKAs): The ICE Dec-24 fell to £35.08/t last Friday. The contract opened higher this morning at £35.29/t, and has remained at that level at the time of writing.

#gas #electricity #businessutilities #businessgas #businesselectricity

The Procurement Group

Join us...

and 2000+ other CFOs and FDs who are already enjoying our free resources and industry insights.