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

On Friday wholesale gas and electricity prices continued their drops although this is not reflected in all suppliers’ retail prices at the moment.

Gas: Gas prices softened at the conclusion of last week, with the British linepack closing long. Total gas demand fell by 23MCM from Thursday to Friday. The UK can expect to receive three LNG cargoes by 26 June, easing supply concerns with the Norwegian field outages and providing resistance to further declines.


Power: Power prices fell at the end of last week, continuing to be driven by declines in the carbon market. Wind generation is forecast to average 7.6GWs this week, in line with expected seasonal average.

Oil: Oil completed the week having gained overall. Inventory data from the EIA showed crude stocks were down, raising hopes for a rally in summer demand. This was supported by an increase of 1.9 million barrels/day in refined products.

Carbon (EU ETS): The ICE Dec-24 fell to €68.13/t last Friday. This morning, the contract is currently trading at €67.12/t.

Carbon (UKAs): The ICE Dec-24 continued to slide at the end of last week, falling to £44.82/t. The contract has not yet traded today at the time of writing.

#gas #electricity #businessutilities #businessgas #businesselectricity

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