27th February 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale gas and electricity prices rose on Monday, but we do not expect this to be a long term trend.

Gas: NBP prices gained during yesterday’s session. Storage withdrawals were nominated 13.3mcm higher than the previous session whilst the grid was short 6.5mcm at 4pm London time.
Power: Prices across the curve gained in value supported by a 3.3% increase in gas prices. Far curve gains were limited by falling benchmark carbon contract pricing. Wind generation throughout the rest of week 9 has been revised upwards, however this is expected to fall in week 10. 

Oil: Oil prices finished the day up yesterday, as prices rallied during the afternoon session. Supply disruption in the Middle East outweighed early morning fears that delays to interest rate cuts could mute oil demand. 
Carbon (EU ETS): The ICE Dec-24 contract finished yesterday’s session at €53.97/t. After a volatile morning, the contract is currently trading at €53.46/t. 
Carbon (UKAs): The ICE Dec-24 fell to £35.03/t last night. The contract is currently trading at £34.85/t.

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The Procurement Group

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