9th January 2024 Energy Price Alert – UK Gas & UK Electricity

As anticipated gas & electric prices reverted to dropping on Monday, more than compensating for the gains at the end of last week leaving us with a good start to the year.

The key W24 period for gas is now comfortably below 100p/thm
Gas: Volatility continued yesterday as a small revision upwards in temperatures and wind output helped drive prices down. Expected increase in LNG send out applied pressure to the day ahead contract. This morning near curve prices are trading down on last nights close.
Power:  Power prices once again tracked bearish movements at the NBP gas hub. Drops in benchmark carbon contracts added further pressure to the far curve. For today’s price outlook, as of last night close, please see the bottom table.
Oil: Prices dropped throughout Mondays session, caused by a steep reduction in Saudi Arabia’s official selling price to Asian, US and European customers. Whilst in line with expectations, the cut applied pressure to futures markets.
Carbon (EU ETS): The ICE Dec-24 dropped to €72.42/t yesterday. Opening at €75.75 /t this morning, the contract is currently trading at €71.93/t. 
Carbon (UKAs): The ICE Dec-24 also fell to £41.04/t yesterday. The contract is currently trading at £40.99/t.

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