Wholesale gas and electricity prices rose sharply on Tuesday as a result of the renewed tensions in the Strait of Hormuz. While the situation continues to escalate, it is likely that prices will remain extremely volatile, so if you can avoid contracting at the moment, our recommendation is that you don’t.
| Gas: Gas prices continued to rise yesterday after renewed hostilities in the Middle East pushed prices further. In the prompt, Norwegian supplies tightened due to maintenance in Norway’s Troll and Kollsnes fields. Prices have opened bullish this morning. Power: Power prices tracked the wider energy markets and the escalations of conflict in the Middle East. Prices have continued to be bullish in this morning’s open. Oil: Oil prices gained $4 yesterday, setting a new five-week high. Renewed fighting between US and Iran caused traders to fear further supply disruptions. Oil prices have continued to rise in this morning’s open where strikes have continued to be exchanged overnight. Carbon (EUAs): The ICE Dec-26 closed at €83.34/t last Friday. The contract opened this morning at €83.37/t. Carbon (UKAs): The ICE Dec-26 traded to £59.21/t yesterday, opening this morning at £59.35/t. |
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