On Tuesday, wholesale gas and electricity prices saw a marked reduction, which is welcomed in these volatile times.
We expect continued volatility, albeit in a downward trend, so the timing of renewal contract signing needs to be fluid.
| Gas: Gas prices were mixed yesterday, as the prompt gained but the curve softened. Extension to the Troll gas field outage supported prices, despite the increase in renewable generation. Curve prices softened following the backtrack of President Trump’s threat of 50% tariffs on the EU, with the extension of trade talks and a deadline of 9 July. Power: Power prices fell yesterday amidst an upwards projection of wind generation in the prompt, pushing production to 7.3GWs/day, which is higher than average for this time of year. The curve was influenced by softening gas prices. Oil: Oil prices fell yesterday afternoon after OPEC+ increased production, which outweighed the sentiment of trade talks between the US and EU. Carbon (EU ETS): The ICE Dec-25 fell to €71.76/t at yesterday’s close. The contract opened at €71.13/t this morning and is currently trading at €71.38/t. Carbon (UKAs): The ICE Dec-25 rose to £52.05/t yesterday. Opening this morning at £51.48/t and continues to trade at this price for now. |
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