On Tuesday wholesale Gas and Electricity prices keep falling slightly the immediate term.
Looking further ahead, small price decreases can also be seen on April and October start date contracts.
| Gas: Gas prices fell for most contracts yesterday. Traders believe that the summer contracts are currently overvalued due to the bullish prompt January run. However, European storage remains a risk as reserves are currently 44%, the lowest level since 2022, leading to additional demand during the summer to refill. Power: Power prices tracked the volatility of the gas market yesterday. In the prompt, a low wind output of 7.5GWs supported Day Ahead prices. A planned outage at the Heysham 2 nuclear reactor between today and 13 February will temporarily increase demand for gas-fired generation to cover the capacity if renewables don’t pick up. Oil: Oil prices rose 3% yesterday, as producers recover from a storm that curbed production and drove US Gulf coast exports to zero. US oil producers lost roughly 15% of national production over the weekend. Carbon (EUAs): The ICE Dec-26 closed upwards to €88.37/t. The contract has opened at €88.52/t this morning. Carbon (UKAs): The ICE Dec-26 rose to £67.81/t yesterday. Opening slightly lower this morning at £67.69/t. |
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