Markets This Morning
Increased supply concerns continue to underpin NBP futures this morning as October has ticked up by 2.93p. The new front month for the NBP last traded at 171.42p per therm as the UK enters a bank holiday weekend. The Winter-26 contract is stuck on 171.25p which is almost 2.00p above last night’s settlement. Prompt prices have also firmed this morning despite gas demand falling to 131mcm for today and the National Grid showing a 10mcm surplus. Brent is oscillating between losses and gains with the latest trade for the global benchmark going through marginally higher at $89.79 a barrel. Carbon EUAs have recovered yesterday’s losses and contracts out to Dec-28 are 0.5% or an average of 40 cent per tonne up.
Yesterday in Summary
UK wholesale gas futures increased through the afternoon yesterday after Washington indicated they do not wish to revive talks on the memorandum of understanding with Iran. Qatar Energy are reported to have extended its force majeure for LNG deliveries to Italy out to November which added to supply concerns on the day. At the close, September was 5.87p up at 166.89p per therm while the Winter-26 contract settled at 169.26p, up 5.63p. In the crude oil markets, Brent for October delivery climbed by $1.89 to settle at $89.70 a barrel. Carbon prices fell for a second day yesterday with European Allowances for Dec-26 and Dec-27 closing down by 0.4%.
