Wholesale gas and electricity prices spiked on Tuesday following more maintenance in Norwegian gas fields. We expect this to be temporary, but it is clearly a problem for anyone looking to renew this week. That said, suppliers seem to be holding prices quoted at the end of last week based on contracts issued this morning so far.
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| Gas: Gas prices increased yesterday following Gassco’s maintenance on its gas fields, increasing offline capacity from 34.4MCM/day to 136.5MCM/day. The UK expects to receive three LNG cargoes by 11 September, which is already more than the two cargoes delivered throughout the whole of August. Power: Power prices rose yesterday, shadowing the gains in the gas market, with the further out curves also tracking the increases in the carbon markets. An unplanned outage at Hartlepool 1 has removed 60MWs from the market until the end of September. Oil: Oil prices rose yesterday despite investors initially taking profits earlier in the day. Supply disruptions lead the gains later in the session. The market anticipates economic data this week that will signal demand trends. Carbon (EU ETS): The ICE Dec-24 settled upwards at €71.49/t at the end of yesterday’s session. This morning the contract has continued its bullish momentum and is currently at €71.95/t. Carbon (UKAs): The ICE Dec-24 closed at £40.40/t yesterday. The contract has yet to trade at the time of writing this morning. |
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