There were further increases in wholesale gas and electricity markets on Wednesday, albeit not as pronounced as in previous days. The market is highly responsive to changes in the geopolitical arena and is likely to drop back as things stabilise.
| Gas: Gas prices rose yesterday as domestic demand is above seasonal average, sitting at 164.01mcm. Prices continue to be influenced by the potential tariffs on Russian trade partners. Power: Power prices traded flatly yesterday. Gas demand in the prompt was limited by a well above average wind forecast of 7.6GW/day for the remainder of the week, whilst curve prices tracked losses in carbon. Oil: Oil prices continued to rise yesterday as investors are still focused on the developments between the US and Russia. There is continued focus on the stricter deadline for Russia to end the war with Ukraine before the US impose tariffs on countries that trade Russian oil. Carbon (EU ETS): The ICE Dec-25 fell to €72.86/t yesterday. Opening at €72.76/t this morning, the contract has softened down to €72.26/t at the time of writing. Carbon (UKAs): The ICE Dec-25 reversed the previous day’s gains and fell to £51.56/t yesterday. The contract has not yet opened at the time of writing. |
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