This morning, the Electric wholesale (Day Ahead) prices have opened up 122.54% higher than this time last week with Gas (Day Ahead) 151.85% higher
Having been extremely flat for several days, it would appear that the market does not want to change right now. a sign that we have encountered a strong resistance level? The Bollinger bands can imply that there is still some room for improvement. Therefore, the only explanation is that supply and fundamentals have remained mostly unaltered over the past few days. In either case, the markets remain stable.
The crucial question is therefore whether this calm phase will last and whether the markets can realistically fall much more before entering the winter. And that is the market's most important aspect. through the upcoming winter months and the first quarter. The way we navigate during this time will be crucial in determining where markets shift, and we will continuously receive information as we do so in the form of weather forecasts, storage levels, and LNG reservations.
Despite the calmed markets, the fundamentals today do appear to be pretty dismal. With wind output making up only 6% of the total energy mix, the UK gas system opened 17 mcm short. Reduced threats from GazProm to stop supplying gas through Ukraine and Moldova's continued successful payment for the good that GazProm must deliver help bring things into balance.
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
21/11/2022 | 108.00 | 173.00 |
22/11/2022 | 114.00 | 123.00 |
23/11/2022 | 119.00 | 125.00 |
24/11/2022 | 169.00 | 142.00 |
25/11/2022 | 165.00 | 260.00 |
28/11/2022 | 272.00 | 385.00 |
7 day averages
Electric (£ per MWh) 201.33
Gas (pence per therm) 157.83
The below shows how the market compares to the previous week, month and year.
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