Global Wind Capacity To Double By 2030…
August 9, 2024EU Reaches 90% Gas Storage Goal Over 2 Months Early…
August 21, 2024UK ENERGY MARKET SUMMARY TO FRIDAY 9TH AUGUST 2024
Closing Prices 09.08.2024
British near-term gas prices fell on Monday due to lower demand for cooling. The NBP spot price decreased by 6%, closing at 2.68 p/kWh. On the forward curve, the gas price for Win-24 lost 2%, closing at 3.46 p/kWh amid concerns over a potential recession in the US.
British near-term gas prices increased amid supply concerns, pushing the NBP spot price up by over 2% to close at 2.8 p/kWh. On the forward curve, the gas price for Win-2024 surged by nearly 4%, closing at 3.66 p/kWh influenced by threats to pipelines between Russia and Ukraine as clashes erupted near key transit points.
At time of writing, European gas storage levels are 87% full, with the UK 60% full. European gas storage levels have remained above the 5-year average throughout 2024. Over the past week gas has accounted for 14% of the UK generation mix with wind accounting for 38%, solar 8.5% and nuclear accounting for 19%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices extended their gains for the fourth consecutive session on Thursday, rising by over 1% as tensions in the Middle East persisted. As a result, Brent crude closed at $79.16 per barrel, while WTI settled at $76.19 per barrel. On Thursday, European carbon prices increased in parallel with rising gas prices. As a result, EUAs expiring in Dec-2024 closed at 71.06 EUR/tonne, up nearly 1%.