Wholesale Gas and Electricity prices dropped significantly on Tuesday, as the market fundamentals came in to play.

We hope that this will continue, and drive wholesale prices down to the levels seen in Q1 ’24.

Gas: Gas prices softened yesterday as supplies outweigh demand. The UK expects to receive three LNG cargoes over the next month. A downward revision in temperatures over the next week has limited further declines in the day ahead, as the UK is forecast to average 13.5°C.   Power: Power prices fell yesterday following declines throughout the energy complex. Wind generation has been revised upward for the remainder of the week, easing demand for gas for power generation in the day ahead.   Oil: Oil prices fell yesterday following an easing of political unrest in Libya, and Chinese demand concerns. Libya is set to appoint a new central bank governor within 30 days, returning their 1.16 million barrels/day of production to the market, and alongside OPEC+’s output increase from October, the market may enter a surplus.   Carbon (EU ETS): The ICE Dec-24 closed at €68.16/t yesterday. The contract is currently trading at €68.11/t.   Carbon (UKAs): The ICE Dec-24 fell to £42.32/t yesterday. The contract is currently trading at £41.80/t this morning.

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