2nd July 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale Gas and Electricity prices dropped markedly on Monday, with continued particular volatility in the short term.

Gas: Gas prices fell yesterday despite supply concerns, with several outages and LNG arrivals being down 49.3% year on year. However, storage remains at 84.5% full, leading to less demand. An increase in wind generation decreased pressure in the prompt.
Power: Power prices fell yesterday, tracking bearish movements in the gas market. In the prompt, wind generation is expected to output 9.9GWs, 20% above seasonal norms and limiting demand for fuel-fired generation.
Oil: Oil prices opened stronger yesterday on the hopes of an increased summer demand, as Chinese manufacturing data was higher than expected, thus boosting sentiment. Rising tensions in Russia and the Middle East further supported prices.
Carbon (EU ETS): The ICE Dec-24 increased to €68.05/t yesterday. The contract is currently trading at €68.18/t this morning.
Carbon (UKAs): The ICE Dec-24 fell to £45.71/t yesterday. The contract is trading slightly up this morning, opening at £45.85/t.

#gas #electricity #businessutilities #businessgas #businesselectricity

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