9th October 2024 Energy Price Alert – UK Gas & UK Electricity
Wholesale Gas and Electricity prices dropped again yesterday, and have now given up all of the gains from last week and more.
Gas: Gas prices fell yesterday as in the grid ended the day 9.3mcm long, pressuring spot contracts. Prices were also softened by the rising wind generation. News of a possible ceasefire in the Middle East eased fears of LNG disruptions travelling through the area.
Power: Power prices softened yesterday, tracking losses across the energy mix. Wind generation is forecast to reach 9.3GWs/day next week, above average and potentially offsetting demand associated with cooler temperatures.
Oil: Oil prices fell yesterday on the hope of a possible ceasefire in the Middle East calming fears of disrupting Iran’s oil facilities, whilst market participants also wait for the impact of Hurricane Milton on US production
Carbon (EU ETS): The ICE Dec-24 fell to €60.29/t yesterday. The contract is currently trading at €60.55/t.
Carbon (UKAs): The ICE Dec-24 rose to £36.1/t yesterday, reversing this week’s losses. The contract has opened softer at £35.95/t this morning.