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
US stock markets rose as investors ignored worries about tech companies and concentrated on the anticipated halt in central bank rate hikes. The news also caused European markets to rise. While Asian markets sank due to worries about Chinese demand, UK markets modestly declined, easing back after recent market rises. The value of the pound increased relative to other currencies, reducing the decline that occurred under Truss' premiership. Concerns about Chinese demand following the news of tightening Covid-19 limitations nationwide caused Brent crude oil prices to decline 1% to $96 per barrel.
Gas & Power
Due to declining gas prices and the expectation of a slow market because of national holidays in many European nations, European carbon prices increased by another 1% to €81 per tonne. The cost of carbon in the UK increased again, edging up 1% to £91 per tonne. While UK forecasts remain warm, weather predictions for the rest of Europe were revised lower. Despite mild temperature projections, higher gas and electricity prices were seen across Europe due to forecasted colder temperatures and impending public holidays. While TTF prices jumped to €32/MWh, NBP day-ahead prices increased to 65p/th.
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
24/10/2022 | 44.50 | 81.00 |
25/10/2022 | 44.50 | 56.00 |
26/10/2022 | 55.00 | 83.00 |
27/10/2022 | 59.00 | 78.00 |
28/10/2022 | 65.00 | 105.00 |
31/10/2022 | 85.00 | 94.00 |
7 day averages
Electric (£ per MWh) 82.83
Gas (pence per therm) 58.83
The below shows how the market compares to the previous week, month and year.
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