Wholesale Gas and Electricity prices rose on Friday, as the recent volatility continued.
In March Asia recorded its highest LNG imports for the past 12 months, but this is still way below where it was pre-pandemic.
European stocks at the end of March were at 58% versus the historic average of 42%, which means that we are well insulated.
As prices have dropped so markedly during the Winter traders are left with loss-making positions that they are closing out, and this is detracting from the market fundamentals.
| Gas: NBP contracts rebounded slightly yesterday, following two days of losses. Wind output is expected to drop today, increasing gas for power demand. Out on the far curve prices looked to have lifted to attract LNG cargo. Power: Power contracts gained yesterday driven along by NBP movements. Slight gains in carbon markets, helped far curve movements. For today’s price outlook, as of last nights close, please see the table below. Oil: After consecutive days gains, oil prices stuttered yesterday. Commentary out of the US, from Jerome Powell, fuelled worry that interest rate cuts may not be as soon as expected. A fall in the USD yesterday, made oil cheaper for non-USD currency holders. Carbon (EU ETS): The ICE Dec-24closed at €58.50 last night. This morning the contract is currently trading up at €58.67/t. Carbon (UKAs): The ICE Dec-24 closed at £34.73/t yesterday. At time of writing today the contract is trading at £59.96/t. |
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