23rd May 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale gas & electric prices continued their upward trajectory of recent days on Wednesday; we don’t see this as a long term issue but clearly it impacts those with expiry dates in the next week or 2 who have not yet contracted. 

Gas: NBP prices continued their bullish trend yesterday. As we start moving into the bank holiday weekend, a drop in gas demand is expected. Wind generation is expected to reach 11.7GW today.
Power: Power prices continued to gain throughout yesterday’s session, on the back of NBP gains. Revisions of 0.7GW to the front week wind forecast keeps it within seasonal norm levels.
Oil: Oil prices were pressured by concerns over demand yesterday. A decline in US gasoline stocks helped to slightly revive the market in the afternoon.
Carbon (EU ETS): The ICE Dec-24 closed at €76.21/t yesterday, similar to the previous night’s close. This morning, the contract is currently trading at €76.40/t.
Carbon (UKAs): The ICE Dec-24 closed at £43.34/t, the highest price since the start of the year. The contract opened higher this morning, and is currently trading at £43.80/t.

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The Procurement Group

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