NBP near curve contracts settle lower
For the third consecutive session, NBP near curve contracts settle lower. However, losses were marginally in comparison to recent market trends, with the front month January settling 6.86p lower at 339.05 pence per therm. Contracts for 2023 delivery settled 4.07p lower on average despite yesterday’s joint press conference with the European Commission and the International Energy Agency which outlined the potential for gas shortages next year. Losses were also evident in the UK prompt market, with the Within day and Day ahead contract settling 17.95p and 17.20p lower respectively. The market took direction from ample LNG supply while exports capacity to Belgium via the Interconnector were reduced.
EUA carbon spot contract pushed higher
GB baseload power future near curve contracts continued to fall back during yesterday’s session, with the front month taking the brunt of the downward sentiment. January the front month contract lost £51.75/MWh to settle at 398.50/MWh. Losses further along the curve were subdued in comparison, with the front season Summer 23 settling £11.65/MWh lower at £300.00/MWh.GB baseload for day ahead delivery had its largest day on day loss of the year yesterday, down £252.29/MWh to settle at £414.23/MWh. EUA carbon spot contract pushed higher, to settle just shy of the €90 mark at €89.91 a tonne.
Largest onshore pipeline spill in nine years
Global oil benchmarks traded high on Monday, following on from the previous week’s bearish sentiment where prices dipped to $76.15 a barrel, their lowest level since late December 2021. Supply concerns remain significant as Keystone pipeline which carries 600,000 barrels per day of Canadian oil to the US remains shut following last week’s oil spill of 14,000 barrels, the largest onshore pipeline spill in nine years. Brent crude front month opened at $76.88 a barrel and continued to climb to end the session at $77.99 a barrel, up $1.89 on the day. The US West Texas Intermediate front month gained $2.15 to settle at $73.17 a barrel yesterday.
UK gas prices have opened marginally higher
UK gas prices have opened marginally higher this morning, with the front month currently trading at 348.00p up 8.95 pence per therm and slightly above Friday’s settlement. Summer 23 contract has also opened in positive territory also, last trading at 339.50p an increase of 2.32 pence from yesterday. The UK gas system is balanced this morning with demand at 400MCM being met with robust LNG send out and strong imports of over 200MCM from Norway. EUA carbon market have revered yesterday’s, with the Dec-22 contract last trading at €88.22 a tonne while Brent crude front month is up $0.74 at $78.73 a barrel.
13 December 2022
