24th January 2024 Energy Price Alert – UK Gas & UK Electricity

Gas and electric prices were broadly stable on Tuesday, with very slight increases. We expect the downward pricing to resume in the coming days.

Gas: NBP contracts incurred small movements yesterday with the market driven by market fundamentals. Wind output today is expected to reach 16.6GW and with temperatures expected above seasonal, gas fired power demand is likely to be low.
Power: Market fundamentals played the main role in any movements within power contracts yesterday. Mild and windy weather conditions are likely to continue into February which is likely to impact any price movement.
Oil: Crude prices continued their recent volatility yesterday as supply concerns and Middle East tensions once again played on traders’ minds. In support of prices is the cold snap in North Dakota – the United States 3rd largest oil producer.
Carbon (EU ETS): The ICE Dec-24 closed at €63.05/t yesterday. This morning the contract has seen substantial gains, trading at €64.71/t at the time of writing. 
Carbon (UKAs): The ICE Dec-24 closed at £34.66/t yesterday. Opening slightly lower this morning, the contract is currently trading up at £35.90/t. 

#gas #electricity #businessutilities #businessgas #businesselectricity

The Procurement Group

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