3rd July 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale gas and electricity prices were broadly stable on Tuesday. 

With gas storage in the UK at 84% of capacity (17% above the same time last year) we see no reason for any significant price increases in the near term.

Gas: Gas prices were supported by an increased demand in the prompt, caused by colder weather and several ongoing outages. However, storage is at 84% capacity (17% above the same time last year), leading to less urgency to acquire gas.

Power: Power prices rose yesterday, following forecasts of colder than average weather for the remainder of this week. Further out contracts were supported by gains in the carbon market.

Oil: Oil prices rallied early in yesterday’s session, as the US Independence Day holiday looms, signalling an increased demand. However, prices eased in the afternoon.

Carbon (EU ETS): The ICE Dec-24 jumped up to €70.67/t yesterday. The contract has carried over the bullish momentum from yesterday, and is currently trading at €71.10/t.

Carbon (UKAs): The ICE Dec-24 rose to £46.72/t yesterday. The contract is trading slightly up this morning, opening at £46.75/t.

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The Procurement Group

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