On Friday, wholesale gas and electricity prices rose slightly, but not by a concerning amount.
| Gas: Gas prices increased at the conclusion of last week. In the prompt, the system closed short as domestic demand rose 17% above average. Gains were also supported as the UK only expects one LNG cargo in the upcoming week. In the curve, British storage levels actually fell to 23% fullness, further pressuring future demand to fill the storage before winter. Power: Power prices rose at the end of last week. In the prompt, forecasted above-average temperatures led to an increase in demand for cooling, although these are gains being limited by strong renewables. Curve prices continued to be supported by rising gas and carbon prices. Oil: Oil prices fell last Friday as traders worried about signs of growing supplies. However, losses were limited by the optimism of U.S trade deals boosting global economic growth and consequently future oil demand. Carbon (EU ETS): The ICE Dec-25 rose to €71.34/t at the end of last week. Opening at €71.70/t this morning, the contract is currently trading at €70.92/t. Carbon (UKAs): The ICE Dec-25 traded flat last Friday, settling at £50.10/t. The contract opened at £50.45/t this morning and is currently trading at £50.60/t at the time of writing. |
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