Wholesale Gas and Electric prices continued to drop on Monday and we expect this situation to continue in the weeks and months ahead with modest reductions and the odd rebalancing.

Gas: NBP contracts shed further value yesterday. Prompt prices fell despite a downward revision to week 18 wind output. An unplanned outage at Bacton removed 3.2mcm/day capacity yesterday. Early morning trading is down on last night’s closing price. Power: Power prices tracked NBP movements yesterday. Gas storage has gradually started to refill, and geopolitical impacts have softened bringing a calmer marketplace. This morning the front month and season are both trading below last nights close. Oil: Oil prices fell yesterday, as trade negotiations between the US and China failed to make any real headway. The possibility of future over production from OPEC+ brought further bearish sentiment. Carbon (EU ETS): The ICE Dec-25 finished yesterday down on the previous session at €65.31/t. The contract is currently trading weaker at €64.30/t. Carbon (UKAs): The ICE Dec-25 gained slightly yesterday, closing at £47.52/t. The contract is currently trading at £47.25/t this morning.

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