Wholesale Gas and Electricity prices rose during the day on Wednesday, but the overall position from the close on Tuesday to close on Wednesday is a drop in prices.
At TPG we continue to be bullish about the possibility of further decreases.
| Gas: Gas prices rose yesterday. In the prompt, daily demand is expected to rise by 12MCM this week, whilst an unplanned outage at Perenco Bacton prevented supplies reaching the grid. The further out curve rose in line with gains in the carbon market. Power: Power prices rose yesterday, continuing to closely follow the gas market. Increased heating demand in the prompt leveraged the rest of the curve, as temperatures are expected to be between 1-3°C below average during week 17. Oil: Oil prices fell yesterday, reversing some of the gains made in Tuesday’s session. However, a larger than expected decline in US crude stocks and ongoing conflict between Israel and Hamas kept prices from falling further, despite no immediate supply risks. Carbon (EU ETS): The ICE Dec-24 rose to €66.47/t yesterday, reversing the previous day’s losses. This morning the contract is currently trading at €67.25/t. Carbon (UKAs): The ICE Dec-24 closed higher at £37.14/t yesterday. The contract opened higher this morning at £37.69/t, and is trading at £37.58/t at time of writing. |
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