Wholesale gas & electricity prices rose for the third consecutive day on Wednesday; we expect this to be reversed but are unclear whether that will be this week or next.

Gas: NBP prices gained for a third successive day. Expected wind generation fell below expectations increasing gas for power demand, whilst there was also an unplanned shutdown on the Sliepner B platform causing outages of 12.2mcm/day. This morning, gas contracts are trading up on last nights close.   Power: Prices largely tracked movements at the NBP hub during yesterday’s session. Downward revisions to wind forecasts for the remainder of this week and next helped support prices. A slow start to trading this morning but those contracts that have traded are up on last nights close.   Oil: Prices fell yesterday. EIA data shows that crude inventories increased by around 5.5 million barrels week on week, 3.9 million more than expected.   Carbon (EU ETS): The ICE Dec-24 closed at €64.89/t yesterday. The contract is currently trading at €64.99/t this morning.   Carbon (UKAs): The ICE Dec-24 closed at £40.48/t yesterday. The contract has opened at £40.36/t this morning and has continued to trade at this level at the time of writing.

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