Gas prices up amid ongoing geopolitical tensions
Gas prices went back up again on Thursday, retracing some of the losses made in the previous session.
After opening in negative territory gas prices bolstered throughout the day with the May-24 contract posting some of the largest moves, gaining more than 0.09p/kWh when compared to its previous settlement.
Ongoing geopolitical tensions remained the focal point for support to gas prices, with the recent increase in hostilities in the Middle East causing unease to the market.
Positive moves across the carbon market increased prices further and likely helped to lift contracts further out. According to data from ICE the EUA benchmark contract posted day-on-day gains of over €1.5/tonne.
Gas prices opened in positive territory this morning, with the Winter-24 front-season contract trading above the 100p/therm psychological level. However, many contracts have already retraced at time of writing.
The UK is currently consuming 35.22 GW’s of electricity (10:30 – 11:00).
Wind is currently generating a lot of electricity at the time of writing at 16.11 GW’s (45.52%) of the UK’s total demand with gas only having to contribute 2.83 GW’s (7.99%) of the total.
If you want to see more information on the wholesale market trends subscribe to our weekly report here.