Wholesale gas and electricity prices dropped on Wednesday, cancelling out the modest gains of Tuesday. The continued volatility is a result of the situation in the Middle East, and with the UN General Assembly closing today, it will be interesting to see what initiatives are in place to reopen the Strait of Hormuz so that Qatari gas can flow and prices can drop.
| Gas: Gas prices were mixed yesterday, falling in the prompt but gaining on the curve. Warm weather above seasonal norms limited demand. Curve prices gained alongside the unpredictability between world leaders at the UN General Assembly. Prices have risen this morning. Power: Power prices tracked the gas market yesterday. Weather fundamentals helped keep prices down but bullishness from the French power market limited declines. Curve prices rose in line with the gas market. Prices have continued to rise in the early trading window this morning. Oil: Oil prices settled 4% upwards yesterday as Iran’s president vowed never to surrender to the US, a day after the US president threatened, he would “annihilate” Iran. Prices have continued to rise this morning. Carbon (EUAs): The ICE Dec-26 closed at €86.01/t last night. The contract opened this morning at €85.82/t. Carbon (UKAs): The ICE Dec-26 traded to £58.22/t yesterday. The contract opened at £58.08/t this morning. |
#gas #electricity #businessutilities #businessgas #businesselectricity