6th February 2024 Energy Price Alert – UK Gas & UK Electricity

As expected, the market dropped on Monday, there continues to be no shortage of gas.

Both gas and electric prices dropped, creating further downward pressure at retail.
Gas: NBP prices fell yesterday as weather fundamentals weighed on the commodity.  Norwegian flows, via Langeled pipeline, were set to drop to around 55% of capacity. British storage injections are also set to fall 22%, due to supply shortages.

Power: Downward movement in NBP prices was reflected throughout the Power curve. Weather fundamentals suggest lower wind generation next week, which is likely to push prices with a need for gas fired power demand.
Oil: Yesterdays market proved volatile, caused by a variety of drivers. Middle East tensions provided a floor, whilst strong economic data in the US provided extra hope of rates cuts in coming months. Reports of a Russian oil refinery being hit by a Ukrainian drone, in recent days, added bullish sentiment.

Carbon (EU ETS): The ICE Dec-24 contract closed at €62.67/t yesterday. the contract is currently trading down at €62.26/t. 

Carbon (UKAs): The ICE Dec-24 climbed to £38.22/t during yesterday’s session. Opening lower today at £37.70/t, the contract is currently trading at £36.79/t. 

#gas #electricity #businessutilities #businessgas #businesselectricity

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