Wholesale gas and electricity prices were broadly stable on Tuesday, although we expect some volatility in the coming days, as result of Tuesday night’s activity in the Middle East.
| Gas: Gas prices rose yesterday as forecasts show an expected increase in demand alongside the start of winter. The UK is expecting one LNG cargo by 11 October, signalling low LNG demand for the UK. Power: Power prices tracked the gas market yesterday, however, the far curve followed the bearish movements in the carbon market. Oil: Oil prices rose yesterday after Iran launched a series of airstrikes against Israel, escalating the Middle Eastern conflicts. Fundamentals remain bearish as oil production is expected to increase from OPEC+, despite less demand from China. Carbon (EU ETS): The ICE Dec-24 fell to €63.61/t yesterday. The contract has found some support this morning and is currently trading at €64.01/t. Carbon (UKAs): The ICE Dec-24 continued its downwards trend yesterday and closed at £36.02/t. The contract has not yet traded at the time of writing. |
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