Today, the Gas market has increased by 685.42% than this time last month with the electric market up by 373.24%
The rate at which markets are rising is evidence of the change in weather forecasting dynamics and a tightening supply situation. Have October and November's benign weather deceived us into thinking we are safe? The market has become aware of the fact that it will soon become much colder and that we are still experiencing an energy shortage.
Not only are colder weather predictions boosting the market, but outages that cut into Norwegian and UKCS exports are also contributing to some short-term tightness. As a result, storage withdrawals have increased. French nuclear restart delays are still being factored into prices in Europe.
But not everything is bullish. Although there is uncertainty around the OPEC+ meeting on Sunday, China's relaxation of Covid limits has helped to temper the decrease in oil prices this morning. Additionally, Freeport's comeback is soon, which will increase the availability of LNG worldwide.
Energy market sensitivity to supply disruptions seems to be higher than ever.
How the market is averaging out
Date Electric (£/MWh) Gas (p/therm)
Last 7 days 300.67 279.17
Last Month 167.26 147.52
Last Year 248.10 238.22
The below shows how the market compares to the previous month and year.
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