UK Energy Markets Dashboard
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SEASONAL FUTURE DEVELOPMENT
ELECTRICITY UK BASELOAD
UK NBP GAS
COMMODITY PRICE TABLES
PRICE FORWARD CURVES
POWER FORWARD CURVE
GAS FORWARD CURVE
CARBON & OIL PRICES
Brent Crude tried to rally last week, with two consecutive days where price climbed just over the $100 per barrel mark but failing to close there on both occasions, before all the gains were reversed and prices falling to the exact low of the previous week and now trading just below the $95/bbl level. Carbon prices however have rallied strongly in the last week with the UK contract making a new high since the UK market went live at over £90/tnCO2 and the European contract making a 3-month high at just over €90/tnCO2. The climb has been driven by lower auction volume in August and the ongoing loss of nuclear power and concerns over Norwegian hydro, which will increase demand for coal, with temperature forecasts for September getting revised up.
HEAD OF TRADING & RISK MANAGEMENT
Outlook for the week ahead…
With no major changes to fundamentals in the last two weeks, it seems sentiment is driving prices higher, while as we approach winter it may also be the case that those holding off forward buying or renewing fixed contracts are having to bite the bullet adding to upward price pressure. In this sort of market some good news is needed to begin to reverse the sentiment, while the rise in day-ahead prices will only add to concerns for future periods. With it looking increasingly likely that Russia is digging in with its reduced flows to Europe, at least in the short term for now, the scope for further rises is certainly there. The restoration of the Freeport LNG processing terminal in the U.S. can’t come quickly enough while some sustained wet weather is needed to relieve restrictions on coal delivery.