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Energy Wholesale Market Review

Energy Wholesale Market Review Week Ending 7th June 2024

Most tracked gas and power contracts moved lower week-on-week, with day-ahead gas falling 5.4% to 78.05p/th, following the expected return of the Nyhamna gas processing facility on 8 June. However, stronger losses were limited by below-average temperatures acting to bolster gas demand. Opposing the movements seen across its gas counterpart, day-ahead power rose 2.1% to £76.00/MWh, finding bullish influence from projections of weaker wind generation for 10 May, acting to increase reliance on more expensive forms of power generation. The remaining tracked gas contracts registered losses, with July 24 gas down 5.0% at 78.75p/th, and August 24 gas falling 3.5% to 80.15p/th. Moreover, all seasonal gas contracts declined last week, down by 3.6% on average. Similarly, all seasonal power contracts dropped last week, down on average by 5.4%. Brent crude oil experienced downward movements last week. Prices were 6.5% lower at $77.78/bl, driven down by weaker US demand. UK ETS carbon prices found support from below-average temperatures acting to increase domestic heating demand, up 2.4% to £47.39/t, whereas EU ETS carbon prices fell due to higher coal prices, down 2.8% to €72.44/t.

Wholesale price snapshot – Friday-on-Friday

Energy Wholesale Market Review Week Ending 7th June 2024.

Written By Graham Paul

Graham Paul


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