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GLEG UK Energy Market Update…
May 20, 2024UK Energy Market Summary to Friday 10th May 2024
Closing prices 10.05.2024
On Tuesday the NBP spot price rose by 2.5% to 2.6p/kWh as wind generation plummeted, increasing the gas-generation demand. On the forward curve, the price for gas for Win-2024 delivery gained 2% at 3.2p/kWh, influenced by outages at Freeport LNG facility in the US and Gorgon in Australia.
On Thursday temperatures rose above normal levels and increasing wind weighed on day ahead gas prices. As a result, NBP spot declined by 0.5% to 2.5p/kwh. On the forward curve, the price for gas for Win-2024 delivery rose by over 1% to 3.2 p/kwh amid higher demand and lower Norwegian supply.
At time of writing, European gas storage levels are 64% full, with the UK 39% full. 2023/24 European gas storage levels have ended Winter 23 at record levels. Over the past week gas has accounted for 30% of the UK generation mix with wind accounting for 14%, solar 11% and nuclear accounting for 18%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
European carbon prices followed the upward trend in gas prices on Monday. Weaker auction supply lent further support.
Oil prices ended slightly down but close to equilibrium on Tuesday. The market is eagerly anticipating the possibility of a ceasefire in the Middle East, yet optimism has waned somewhat following indications that the latest proposal may have faltered. Hence, Brent crude settled at $83.16 per barrel, and WTI crude was stable at $78.38 per barrel.
Oil prices ended slightly higher on Thursday following the disclosure of a decrease in crude oil inventories by the US government data. Hence, Brent crude slightly rose by 0.4% to $79.26 per barrel, while WTI crude reached $83.88 per barrel, gaining 0.3% day-on-day.
Please contact hello@gleg.co.uk for a more detailed market analysis and expert view on how to navigate your energy procurement strategy through the current market volatility.