Wholesale prices continued to drop in Tuesday; an element of the reductions are factored in already at retail but it is good news and means that no one is increasing quoted rates which remain, on electricity, below 25p/kWh day and below 20p/kWh night dependent on sector and credit

Interestingly the S25 increase of yesterday has been wiped out by Tuesday’s drop & gas continues to outstrip electricity in terms of movements, both up and down

Gas: NBP contracts were bearish yesterday, with losses seen throughout the curve. Norwegian production capacity once again increased and is expected to increase further again today. High storage levels are also applying pressure to prompt contracts.

Power: Most Power prices were driven down yesterday, mirroring NBP losses. Movements in Carbon markets helped subdue this on the far curve. Additional pressure was added due to strong wind output and mild temperatures.

Crude: Oil markets proved volatile again yesterday. The outlook on US interest rates is continuing to strengthen the USD, making oil more expensive for users of other currencies. Russia and Saudi are looking to evaluate their production cuts monthly whilst the Turkish pipeline from Iraq, damaged in February, is looking to recommence flows. Potentially pressuring crude prices.

Carbon (EU ETS): The ICE Dec-23 closed at €79.65/t yesterday. The market opened this morning at €79.81/t and is trading at €80.05/t at the time of writing. 

Carbon (UKAs): The ICE Dec-23 closed at £41.51/t yesterday. The contract is currently trading at £41.50/t at the time of writing.