8th July 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale gas and electricity prices dropped again on Friday and ended up lower than where they started.

There was more volatility than we would have expected last week and we are hoping for a calmer week this week.

Gas: Gas prices fell away on Friday as supply fears eased, losing the gains seen earlier in the week.
Power: Power decreased in line the gas prices. Wind generation output is still expected to remain high across the next few days, keeping prices lower.
Oil: Oil prices were rangebound across Friday’s trading sessions with little movement in either direction. This morning, oil is trading at similar levels to Friday’s close.
Carbon (EU ETS): The ICE Dec-24 traded relatively flat again yesterday, settling at €70.36/t. This morning, the product has traded higher at €71.32/t.
Carbon (UKAs): The ICE Dec-24 moved lower to £45.33/t on Friday. The contract is lower again this morning, currently trading at £44.42/t.

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The Procurement Group

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