On Friday, the market was flat relative to recent levels. Electricity saw some modest gains in the near term, while gas was down across the board.
With the news over the weekend of further peace talks, we hope that prices will fall in the coming days.
| Gas: Gas prices were mixed at the end of last week. An oversupplied system in the prompt saw prices fall slightly, whilst the curve tracked losses in the European market as geopolitics lacked strong signals. Losses in the carbon market weakened. However, the slow refilling of gas storage remains a risk, limiting further losses. Gas prices have opened lower this morning, tracking the geopolitical direction set by the US and Iran. Power: Power prices rose in the prompt at the end of last week, tracking the increasing power prices in Europe due to the hot weather causing risk of nuclear closure in France. Curve pricing also rose alongside its EU counterpart. Prices have opened bearish this morning, tracking the gas market. Oil: Oil prices rose by 1% at the close of last week, rising a total of 24% throughout July. Concerns over global oil supplies mounted as Iran reported that some tankers were forced to turn back in the Strait of Hormuz. Prices have opened softer this morning as the US postponed strikes on Iran for negotiations, raising hopes of a new deal being made. Carbon (EUAs): The ICE Dec-26 traded to €81.26/t yesterday. The contract opened this morning at €81.54/t. Carbon (UKAs): The ICE Dec-26 fell to £59.09/t yesterday, opening this morning at £59.51/t. |
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