22nd November 2023 Energy Price Alert – UK Gas & UK Electricity

Wholesale prices dropped back on Tuesday as the market fundamentals that I’ve been banging on about for months kicked in and overrode the traders attempts to drive the market up

There is currently no basis for price increases in the wholesale market.
Gas:  Gas prices fell yesterday as rising Wind forecasts saw prompt prices easing. Further out contracts also fell, correcting from yesterday’s gains as high levels of storage across Europe and low demand forced the correction. 

Power: Power prices continue to track the bearish wider energy complex, namely Oil and Gas. Although Carbon prices rose to provide some resistance to the declines. 

Crude: Oil reversed from Monday’s gains yesterday as higher interest rates in the US increased concerns for demand. Prices also fell as investors await the news from the OPEC+ meeting due on Sunday the 26th. 

Carbon (EU ETS): The ICE Dec-23 fell to €75.37/t yesterday. The contract is currently trading down slightly at €75.77/t at the time of writing. 

Carbon (UKAs): The ICE Dec-23 rose to £43.67/t yesterday. The contract is currently trading at £43.69/t at the time of writing.  
The Procurement Group

Join us...

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