Prices dropped back sharply on Monday as the market fundamentals of good stock and no supply shortages outweighed bullish speculators trying to drive the market higher when it has no need to do so
| Gas: NBP contracts, throughout the curve, continued to fall in value. The market view is that the current cold weather will not continue and supply levels are healthy. The market is, however, still elevated against what it was at prior to the start of cold snap fears. Power: Power contracts tracked NBP losses during yesterday’s session. Downwards movement was supported by market fundamentals. Falling Carbon prices added further downside to the far curve. Oil – Fundamentals of supply pressurised the market yesterday, as crude prices finished down. News that the UAE is set to increase exports next year added some upside. A weaker US dollar also seen Oil become more affordable for non-US currency holders. Carbon (EU ETS): The ICE Dec-23 traded down to €73.63 /t yesterday. The contract is currently €72.80/t at the time of writing. Carbon (UKAs): The ICE Dec-23 fell to £43.04/t during yesterday’s session. Opening lower today, the contract is currently trading at £42.98/t at time of writing. |
