Wholesale gas and electricity prices dropped on Monday as the market dynamics kicked in and reversed some of the hysteria of the passed week.

Gas: The market traded down yesterday, as some of the gains experienced throughout previous sessions started to reverse. With increased imports during yesterday’s session, the grid was expected to finish the day 20.2mcm long. Power: Despite falling temperatures, power prices fell yesterday tracking losses in NBP contracts. Wind generation for the rest of the week has been revised downwards, further supporting gas for power demand. Oil: Prices proved volatile during yesterday’s session. It’s likely that tariffs on US imports will be limited, following prior fears that these would encounter additional premium, bringing bullish market sentiment. However, a fall in the USD helped limit gains. Carbon (EU ETS): The ICE Dec-25 closed lower yesterday at €74.36/t. The contract is currently trading at €73.76/t this morning. Carbon (UKAs): The ICE Dec-25 fell to £35.55/t by last nights close. The contract is trading at £35.37/t at the time of writing.

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