Wholesale Gas and Electricity prices continued to drop on Wednesday as we expected.
| Gas: NBP contracts shed further value yesterday. Bearish fundamentals helped pressure prices on the prompt. Colder temperatures are expected over the next fortnight bringing potential of storage withdrawals if demand increases during this period. Power: Power prices were pushed lower yesterday. The day ahead contract was pressured by strong renewable output. Further out, some contracts fell in line with a bearish NBP hub and falling UKA benchmarks. Oil: Crude prices gained yesterday as signals from the API showed an increase in demand. Further support in the form of US sanctions kept prices bearish. Carbon (EU ETS): The ICE Dec-25 closed at €70.83/t yesterday. This morning the contract is trading down at €69.8/t. Carbon (UKAs): The ICE Dec-25 fell to £46.34/t yesterday. The contract is trading similar today at £46.50/t. |
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