3rd September 2024 Energy Price Alert – UK Gas & UK Electricity
On Monday there was a welcome drop in prices on both wholesale Gas and Electricity.
As the world becomes calmer prices drop, but at the first sign of any geo-political activity they are increasing.
The market fundamentals continue to favour further modest reductions in the year ahead.
Gas: Prices fell yesterday with storage withdrawals counteracting Norwegian maintenance. Higher than expected demand helped put a floor on losses.
Power: Prices tracked the movements in NBP yesterday with contracts closing downwards, day on day, throughout the curve. Wind forecast for the remainder of the week is set to be 10-20% below average, potentially impacting prompt prices throughout the week.
Oil: Oil prices were up yesterday with supply levels falling. A drop in the USD also boosted front month activity.
Carbon (EU ETS): The ICE Dec-24 closed at to €70.43/t yesterday. After some busy morning activity, the contract is currently trading at €69.35/t.
Carbon (UKAs): The ICE Dec-24 fell to £42.68/t yesterday. The contract is currently trading at £42.29/t this morning.
