Wholesale gas and electricity prices continued to drop on Tuesday as the “grown ups” came back to work and the unnecessary paranoia of the passed week abated. Fortunately at retail, prices have remained stable.
| Gas: Gas prices rose yesterday due to a bearish outlook on LNG charter rates throughout 2025. Wind generation forecasts have also been revised downwards to 7.8GWs/day, leading to additional demand for gas-fired generation. Power: Power prices decoupled from gas prices yesterday and softened. This was in response to a sell off at the end of yesterday’s session, as traders have been overextended entering January. Oil: Oil prices rose yesterday due to tight supplies as the US is expected to impose more sanctions on Russian and Iranian oil exports. European Central Bank data showed inflation rose to 2.4% in December, raising demand concerns as interest rates may be held higher for longer. Carbon (EU ETS): The ICE Dec-25 softened yesterday at €74.04/t. The contract is currently trading at €73.76/t this morning. Carbon (UKAs): The ICE Dec-25 fell to £34.6/t by last nights close. The contract is trading at £34.75/t at the time of writing. |
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