On Monday wholesale gas and electricity prices continued to soften following the gains of last week. In the absence of any further hostilities in the Middle East we expect this to continue, but as soon as there is any escalation we expect there to be upward pressure on prices for the short term.
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| Gas: NBP contracts closed down at the culmination of yesterday’s session. The two unplanned outages in Norway are expected to be resolved today. This morning the market is trading up on last night’s close. Power: There were losses across the power curve yesterday as contracts adjusted to losses at the NBP hub. Weather fundamentals for next week are adding further constraints. Oil: Prices fell further yesterday on the back of a large market sell off, brought about by fears of a US recession. There are hopes that the fall in prices will be temporary, as many believe the sell off may help bring about a cut in interest rates by the Federal Reserve. Carbon (EU ETS): The ICE Dec-24 settled at €68.73/t last night. The contract is currently trading at €69.71/t. Carbon (UKAs): The ICE Dec-24 closed at £38.52/t yesterday. This morning the contract is currently trading at £38.55/t. |
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