Wholesale gas & electricity prices rose on Tuesday; we don’t expect this to be a trend.

Gas: Gas prices rose yesterday as the gas system closed short with an undersupplied gas grid due to low LNG send out and unplanned outages at Perenco’s Bacton terminal. LNG send out was expected to fall to 5.1mcm/day, the lowest level since 18 June 2024, far below the 2019-2023 average send out of 41mcm/day.   Power: Power prices rose yesterday tracking the gas and carbon markets. Transmission capacity is currently down, with planned maintenance on the interconnectors between the UK to France and UK to Norway.   Oil: Oil prices continued their bullish run to the start of the week yesterday as the market continues to evaluate China’s stimulus package and interest rate cut. The ongoing conflict in the Middle East continues to provide bullish volatility to the market.   Carbon (EU ETS): The ICE Dec-24 closed at €62.25/t yesterday. The contract is currently trading at €62.24/t this morning.   Carbon (UKAs): The ICE Dec-24 closed at £40.32/t yesterday. The contract has opened at £40.32/t this morning and has continued to trade at this level at the time of writing.

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