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May 29, 2024UK Energy Market Summary to Friday 24th May 2024
Closing prices 24.05.2024
The NBP spot price increased by about 2% on Tuesday, ending at 2.7 p/kwh, driven by stronger demand and reduced Norwegian flows due to planned outage. Along the forward curve, the gas contract for Win-2024 delivery surged by over 3%, closing at 3.4 p/kwh due to LNG supply concerns.
European spot electricity prices soared on Wednesday, influenced by falling wind and solar output. The spot power price in Germany rose by over 9% to settle at 93.87 EUR/MWh. On the other hand, the day-ahead French contract spiked by about 62% to settle at 48.43 EUR/MWh.
At time of writing, European gas storage levels are 69% full, with the UK 43% full. 2023/24 European gas storage levels have ended Winter 23 at record levels. Over the past week gas has accounted for 26% of the UK generation mix with wind accounting for 23%, solar 8% and nuclear accounting for 18%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices declined for the fourth consecutive session on Thursday, hitting a 3-month low, weighed down by indications of robust US economic activity, which suggest the continuation of high interest rate policies. Hence, Brent crude dropped by 0.7% to settle at $81.36 per barrel, while WTI crude decreased by 1% to close at $76.87.
European carbon prices posted a marginal decline on Friday, in correlation with falling natural gas markets. As a result, EUAs expiring in Dec-24 stabilized at 75.61 EUR/tonne.
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