Wholesale Gas and Electricity prices ended the week rising, and recorded the first week in many where there was a net increase over the 7 days.
With the prospect of escalation in the Middle East we expect further volatility in the coming days, but then would see that dropping back in the weeks ahead.
| Gas: Gas prices moved upwards at the conclusion of last week. Prices were supported by a poor output of wind generation, and an outage at the Norwegian Visund field. Power: Power prices rose last Friday, tracking bullish momentum from the underlying gas market. Demand is expected to rise in the prompt due to warmer forecasts, leading to an increase in cooling. Oil: Oil prices fell last Friday following concerns of a slowing Chinese economy. Investors remain hopeful about news from the US Federal Reserve about reducing interest rates at a meeting later this week. Carbon (EU ETS): The ICE Dec-24 closes last Friday upwards at €67.87/t. The contract is currently trading at €67.88/t after opening at €67.41/t. Carbon (UKAs): The ICE Dec-24 closed at £39.58/t last Friday. This morning the contract has not yet traded at the time of writing. |
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