9th August 2023 Energy Price Alert – UK Gas & UK Electricity

As advised at the beginning of last week there was a window to lock in gas contracts that now seems to be passing with recent increases on both gas & electricity continuing on Tuesday; gas increases are more pronounced than electricity

Gas: Market fundamentals caused movement in NBP contracts yesterday. Strong storage levels Vs long term supply concerns added pressure to prices. This morning has seen near curve prices increase.

Power: Power contracts seen gains yesterday, especially on the prompt due to key market fundamentals. Movement in Carbon markets helped support far curve contracts. (For today’s outlook, as of close of business yesterday, please see the table below) 

Crude: Crude prices continued to fall yesterday morning before levelling out late in the session. Slowing demand in China and elsewhere in the world has weighed on prices. Participants remain confident that demand will increase throughout coming months.

Carbon (EU ETS): The ICE Dec-23 closed at €84.34/t yesterday. Today it opened at €84.29/t but has since risen to €85.77/t.

Carbon (UKAs): The ICE Dec-23 closed at £40.53/t yesterday. Today it opened £40.50/t but has since risen to £40.79/t.

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