23rd November 2023 Energy Price Alert – UK Gas & UK Electricity

Prices dropped across the board on Wednesday which was welcome
Gas:  Gas prices proved volatile throughout yesterday’s session, temperatures are due a return to average over the next couple of weeks and traders are battling to weigh up potential demand against strong storage levels. British gas storage levels were 81% full as of 21st November. 

Power: Market fundamentals helped dictate power prices yesterday, along with tracking gas movement. Out on the curve, late falls in carbon pricing applied pressure.

Crude: Oil prices fell yesterday as the US prepares for its Thanksgiving holiday weekend and a surplus of US supply. Elsewhere stakeholders made light of potential further cuts that could result from the next OPEC+ meeting.

Carbon (EU ETS): The ICE Dec-23 fell to €74.99 /t yesterday. The contract is currently trading up slightly, €75.25/t at the time of writing. 

Carbon (UKAs): The ICE Dec-23 closed £43.65/t yesterday. Opening slightly lower today, the contract is currently trading at £43.55/t at time of writing.  
The Procurement Group

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