Gas prices increase amid tensions in Middle East

Gas prices increased further on Friday amid escalating Middle East tensions and a surging carbon market.

The biggest moves were observed across the front-winter, with the Winter 24 contract lifting 0.08p/kWh above its previous close.

Growing speculation about a potential Iranian attack on Israel put energy markets on edge, especially with Iran being the third largest natural gas producer in the world.

The continuation of last weeks carbon rally likely offered additional support. According to data from ICE, the Carbon EUA benchmark contract was propelled an additional €3.52/tonne above its previous close, representing a weekly increase of 24.6%.

In other news, Feedgas flows at the Freeport LNG terminal in Texas remained curtailed below normal operating levels, with reports indicating that the facilities Number 3 liquefaction train was running at just 16% of its nameplate capacity on Friday.

Prices have so far continued their upwards trajectory this morning, with the May 24 front-month contract currently being offered 0.03p/kWh above its previous settlement, at time of writing.

The UK is currently consuming 36.08 GW’s of electricity (09:00 – 09:30).

Wind is currently generating 18.97 GW’s (50.07%) of the UK’s electricity with gas only having to contribute 1.16 GW’s (3.05%) at the time of writing.

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