Wholesale gas and electricity prices dropped markedly on Wednesday and are now below the levels of last week.
| Gas: Gas prices fell yesterday following a revised increase in wind generation, thus limiting demand for gas in the prompt. The British linepack was expected to end 15.5MCM oversupplied. Power: Power prices fell yesterday. In the prompt, wind generation is forecast to generate 20% above seasonal norms, foreseeing an output of 15.6GWs. However, unplanned outages at Didcot 6 and Hartlepool 1 limited further declines. Further out contracts were pressured by the UKA carbon losses. Oil: Oil prices gained yesterday as US inventories saw a steep decline of 12.2million barrels week on week, according to the EIA. The $USD also softened against a group of other currencies, seeing a rise in demand for $USD denominated oil. Carbon (EU ETS): The ICE Dec-24 traded flat yesterday, settling at €70.76/t. The contract is currently trading at €70.26/t this morning. Carbon (UKAs): The ICE Dec-24 reversed the previous session’s gains and fell to £45.90/t yesterday. The contract is slightly down this morning, currently trading at £45.75/t. |
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