8th August 2023 Energy Price Alert – UK Gas & UK Electricity

Prices rose marginally in the near term and weakened further out on both gas & electricity yesterday

Gas: Near curve NBP contracts seen gains yesterday as an extension to planned maintenance at Bacton gas field coupled with cuts in oil production added support. Elsewhere the Norwegian Troll field returned from unplanned outages. This morning near curve contracts have opened bearish.

Power:  Near curve contracts seen gains throughout Monday’s trading, tracking their NBP counterparts. Movements within the Carbon market helped pressure far curve movements. Wind generation is currently 20% above forecast which will help lower any gas for power demand. (For today’s outlook, as of close of business yesterday, please see the table below) 

Crude: Crude prices fell yesterday ahead of inflation data that is to be released later this week. A strengthening US dollar helped stem demand during yesterday’s session.

Carbon (EU ETS): The ICE Dec-23 closed at €82.68/t yesterday. Today it opened at €82.89/t but has since fallen to €82.77/t.

Carbon (UKAs): The ICE Dec-23 closed at £40.27/t yesterday. Today it opened £40.50/t but has since fallen to £40.10/t

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