25th July 2023 Energy Price Alert – UK Gas & UK Electricity

Prices hardly moved on Monday, but the movement there was, was upward

Gas:  Yesterday seen gains in all NBP contracts. An undersupplied grid and below forecast wind output helped to pressure prices. Elsewhere there is still no confirmed news of LNG deliveries into the UK. This morning has seen the market open with near term contracts trading slightly up on yesterdays close.

Power: Gains in NBP contracts supported Power prices to rise throughout the curve, helped by other market fundamentals. (For today’s price outlook, valid as of yesterday’s close, please see the chart below)

Crude: Oil prices are now at levels not seen since May of this year. Tight supply levels and welcomed government boosts to the Chinese economy are likely the reasons behind this.

Carbon (EU ETS): The ICE Dec-23 contract fell to €91.10/t yesterday. Opening higher at €91.27/t today, it has since risen to €91.41/t at the time of writing. 

Carbon (UKAs): The ICE Dec-23 contract fell yesterday, closing at £47.77/t. Today the contract has yet to trade.

The Procurement Group

Join us...

and 2000+ other CFOs and FDs who are already enjoying our free resources and industry insights.