Apologies for not having sent a report since Thursday without warning. I’ll catch up today.
Prices rose slightly on Thursday across all gas periods and dropped back slightly on a couple of electric periods.
Overnight Thursday, news came in that the Australian LNG strike has been resolved and we therefore expected wholesale price drops on Friday to show on Monday’s report.
I’ll send the weekly energy generation report separately later today.
Gas: NBP Win23 contract gained yesterday with continuing concerns regarding supplies from Norway. This spilt into Sum24 also pushing up the price. This morning, concerns over Norwegian gas supplies have eased somewhat. Additionally, it has been announced that the industrial action at Chevron’s Australian LNG terminals has been called off. This has had a bearish impact on prices with yesterday’s gains being unwound in early trading.
Power: Power contracts have tracked the gas market closely. Similarly, yesterday’s gains have been unwound this morning on the back of the news from Australia.
Crude: Oil prices relatively flat yesterday maintaining value around a ten-month high as ongoing concerns regarding the OPEC+ cartel restricting supplies continue.
Carbon (EU ETS): The ICE Dec-23 closed at €84.01/t yesterday.
Carbon (UKAs): The ICE Dec-23 closed at £34.50/t yesterday.