Wholesale gas and electricity prices were broadly stable on Monday (in relation to the current market).
We don’t expect the stability to last and will continue to monitor daily movements, although our view remains that the conflict could well drag on for some time yet.
| Gas: Most gas prices rose yesterday. Bullish geopolitical sentiment continues to be the key price driver, with the US rejecting a seven-day proposal from Iran aimed at re-opening the Straits. This morning the market is down on last night’s close. Power: Most power contracts gained in value yesterday, tracking NBP gains. Wind forecasts for today were above average, helping the day ahead spot price become one of the few power contracts to shed value. Early market movement is below last night’s settlement. Oil: Oil prices spiked yesterday following the US rejection of Iran’s latest proposal. Crude settled around $105/bbl. Carbon (EUAs): The ICE Dec-26 closed at €86.17/t last night. The contract opened this morning at €86.22/t but has since fallen to €85.67/t. Carbon (UKAs): The ICE Dec-26 traded to £58.96/t yesterday. The contract opened at £58.87/t this morning. |
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