28th March 2024 Energy Price Alert – UK Gas & UK Electricity

On Wednesday, wholesale gas and electric prices remained fairly stable with very minor decreases.
Gas: Increased wind output and warmer weather pressured the prompt yesterday. Another contributing factor was instances of gas demand being well below average. Near curve contracts look to have lifted to attract LNG cargo, with current send out well below last year’s levels. This morning trading has been mixed, against last nights close. 

Power: Prompt prices fell in line with increased wind generation yesterday. Out on the curve, prices tracked movements in the wider energy complex. For our traders price outlook, as of last nights close, please see table at the bottom of this report.

Oil: Prices fell yesterday as the market factored in increases to US crude and gasoline inventories. With the expiry of the May Brent contract being this week, trading activity slowed. 

Carbon (EU ETS): The ICE Dec-24 closed at €62.43 yesterday, higher than the previous session. After a volatile morning of trading activity, the contract is currently trading softer at €61.74/t. 

Carbon (UKAs):  The ICE Dec-24 fell again yesterday, closing at £37.71/t yesterday. Opening the same today the contract is, at time of writing, trading at £37.27/t. 

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