Wholesale Gas and Electricity prices dropped markedly on Monday as a further sign of our longheld belief there is a little bit more room for reductions in the market.
| Gas: Prices continued to roll back last week’s gains throughout yesterday’s session. British linepack was expected to finish the day 15mcm long yesterday. Imports via the Easington Langeled pipeline increased by 21.2mcm/day over the weekend. Power: Power prices fell yesterday, tracking the gas market. Week 28 temperatures were revised downwards yesterday, with forecasts now looking to be slightly below seasonal norm. The benchmark UKA Dec-24 contract fell yesterday, potentially pressuring the far curve. Oil: Prices fell yesterday as news of possible ceasefires in Gaza helped ease market concerns. There will potentially be disruption to US exports over the coming days, as Hurricane Beryl makes landfall in Texas. Several oil facilities on the coast have been closed in preparation. Carbon (EU ETS): The ICE Dec-24 settled at €68.99/t yesterday. The contract is currently trading at €68.72/t this morning. Carbon (UKAs): The ICE Dec-24 closed at £43.89/t yesterday. The contract is slightly down this morning, currently trading at £43.11/t. |
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