Wholesale gas and electricity prices rose slightly on Friday in the short term, while mid- and long-term prices remained stable.
| Gas: Gas prices rebounded from the lows set from before the Trump-Putin talks, as the meeting did not bring a ceasefire between Ukraine and Russia. The market remains sensitive to any unplanned outages from Norway, as supplies tighten due to limited LNG imports and underperforming renewables. Power: Power prices rose at the end of last week, supported by low renewables in the prompt. Curve prices rose, tracking the gains in the underlying gas and carbon markets. Planned maintenance on UK-Norway interconnector until 5 September has limited UK imports by 1.4GWs. Oil: Oil prices have risen since last Friday. The escalation between Ukraine and Russia has threatened supply disruptions. Traders anticipate heavier US sanctions on Russian oil. Carbon (EU ETS): The ICE Dec-25 fell to €72.53/t last Friday. The contract opened at €71.93/t this morning and is trading at €71.8/t. Carbon (UKAs): The ICE Dec-25 rose to £52.19/t last Friday. The contract opened at £51.51/t this morning and is currently trading at £51.45/t. |
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