UK wholesales gas and electric prices continued to rise at the end of last week amid continued uncertainty in the Gulf region coupled with the upcoming Israeli elections tomorrow.

We expect this uncertainty to continue for the foreseeable future as the US midterm elections are on November 3rd and things might become clearer after that. 

Gas: Prices continued to rise at the end of last week as geopolitical risks pushed up costs. Prices have continued their bullish momentum in the open this morning. 

Power: Power prices continued to be dragged upwards by the wider energy complex. Prompt price gains were limited due to strong wind forecasts of 18.5GWs/day over the weekend, seeing the weekend contract down 13%. Prices remain bullish across the curve this morning. 

Oil: Oil prices settled $3/barrel higher on Friday after further Houthi attacks on Saudi Arabia’s energy infrastructure caused more concerns for supplies and the UAE reported an oil spill, seeing Brent close upwards of 6% on the week. Prices have softened this morning, as investors take their profits.

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