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

On Friday prices were stable with some very small increases and decreases on electricity.  The changes on gas were larger but still marginal exc for W27 which saw 15% drops.

Gas: Gas prices rose at the end of last week. Lower temperatures and a low wind output supported gains in the near curve. Traders remain concerned about post Winter Gas storage and the extension of colder weather into Spring months. 

Power: Power prices continued to track the Gas market last Friday, with further out contracts being influenced by the softening of UKA’s. 

Crude: Oil prices fell on Friday due to the US easing restrictions on Venezuelan oil exports, injecting supplies into the market. However, prices were limited in declining further due to the ongoing tensions in the Middle East. 

Carbon (EU ETS): The ICE Dec-23 closed at €81.41/t on Friday. Opening at €81.26/t the contract is currently trading at €80.44/t. 

Carbon (UKAs): The ICE Dec-23 fell to £42.68/t on Friday. Opening at £42.10/t, the contract is trading at £42.75/t at the time of writing. 

The Procurement Group

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