3rd August 2023 Energy Price Alert – UK Gas & UK Electricity

Apologies as only closing electricity prices for Wednesday – the market was pretty static thiough from other feeds that we’ve received.  We should have electricity changes back tomorrow.

Gas was mixed.  Not much movement in p/thm terms but near term rose while further out prices dropped with the most downward movement in Q1 24
Gas: gas prices were mixed yesterday as prompt prices rose following additional unplanned maintenance at the Norwegian Troll field for an uncertain duration. However, gains were limited with the continued high output from Renewables. Total British Gas demand is expected to fall 10% below seasonal norms. 
Power: Power prices settled mixed yesterday, taking influence from the wider energy complex. Wind continues to generate 8.4GWs a day, offsetting the below seasonal levels of Solar generation. 
Crude: Oil prices fell by almost $2/barrel yesterday despite the largest weekly decline in US stocks ever recorded according to the EIA, falling by 17million barrels over the week. However, a strong $USD and a Bank of England decision to increase interest rates is expected to be made later today. 

Carbon (EU ETS): The ICE Dec-23 continued its recent decline and fell to €83.45/t yesterday. Opening softer at €83.33/t today and has fallen further to €83.84/t at the time of writing.  
Carbon (UKAs): The ICE Dec-23 contract continued its bearish trend and closed at £40.6/t. The contract has opened at £40.1/t today, but has since found some support and risen to €84.2/t. 
*Technical issues unable to provide changes in EoD Power prices this morning.    
The Procurement Group

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