This morning, the Electric wholesale (Day Ahead) prices have opened up 17.50% higher than this time last week with Gas (Day Ahead) 11.61% higher.
Despite a modestly positive start to the week, prices further out are largely unchanged throughout this uncommonly stable period. Unexpected outages and a very busy planned schedule on the Norwegian and UKCS pipelines are having an immediate impact on prices.
With six cargoes now expected to dock in UK terminals during the next 12 days—double the number originally planned—LNG deliveries have increased, which will be helpful throughout the maintenance period.
On Friday, DA prices in the UK did defy the trend and increase, whereas TTF and the rest of Europe saw their prices decline. The difference in energy prices between the UK and Europe has shrunk.
There has been no new information regarding the stranded turbine in Germany, and GazProm reiterated that sanctions continue to make delivery impossible. This morning, as anticipated, Nord Stream 1 is still operating at 20 percent of its potential.
Both Brent and WTI had a dramatic dip in price, with Brent falling as low as $94/bbl last week, but are now beginning to recover due to positive US employment statistics. With the addition of 500,000 jobs in July, US employment increased above pre-pandemic levels for the first time.
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
01/08/2022 | 267.00 | 240.00 |
02/08/2022 | 247.00 | 252.00 |
03/082022 | 289.00 | 266.00 |
04/08/2022 | 270.00 | 270.00 |
05/08/2022 | 291.50 | 375.00 |
08/08/2022 | 298.00 | 282.00 |
7 day averages
Electric (£ per MWh) 280.83
Gas (pence per therm) 277.08
The below shows how the market compares to the previous week, month and year.
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