This morning, the Electric wholesale (Day Ahead) prices have opened up 16.05% higher than this time last week with Gas (Day Ahead) 91.01% higher.
Oil and Gas Markets
Stricter Chinese COVID-19 limitations are pushing prices down following the weekend, dampening optimism of a rebound in the contract despite OPEC+'s initiatives to stabilise oil market stability. According to statistics, Germany's industrial production increased by 0.6% in September. However, the number of people who used a lot of energy declined by 0.9% during the same period. Even if the US jobs growth figures increased once more in October, this trend is anticipated to stagnate as pay growth slows in reaction to the Fed's ongoing price increases. Villeroy implores the ECB to continue raising interest rates in the EU.
Gas & Power
This morning's 5 mcm-long opening of the UK gas grid continues a recent trend. In stark contrast to six months ago when there were supply concerns, Nordic exports to the UK have decreased because there is simply nowhere for the gas to go. Given that the weather is still favourable, the EU is injecting gas into November after reaching a storage level of 95%. Russia continues to flow through Ukraine. The TTF DA contracted to 51.4p/th on Friday, indicating a negative reversal. Even though EDF's output may pose issues in the colder months, the day ahead is still looking like a solid value compared to the forward contracts as the fundamentals are all positive in the near term.
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
31/10/2022 | 44.50 | 81.00 |
01/11/2022 | 44.50 | 56.00 |
02/11/2022 | 55.00 | 83.00 |
03/11/2022 | 59.00 | 78.00 |
04/11/2022 | 65.00 | 105.00 |
07/11/2022 | 85.00 | 94.00 |
7 day averages
Electric (£ per MWh) 100.00
Gas (pence per therm) 91.00
The below shows how the market compares to the previous week, month and year.
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