Markets This Morning
UK wholesale gas prices are little changed this morning, with ongoing Middle East disruption supporting the market while improved LNG supply provides some relief. Northwest European LNG send-out rebounded to 1,860 GWh/day from 1,303 GWh/day on Tuesday following the end of a strike in France that had restricted flows from the Dunkirk terminal. The front-month NBP contract is down 0.31p at 198.1p/therm. Oil prices are 76c lower this morning as reports that Saudi Arabia is offering additional crude cargoes to Asian refiners via ship-to-ship transfers off Oman’s Sohar port eased concerns over the scale of regional supply disruption. Carbon EUAs are down a step further this morning with the Dec-26 contract down 1.11% at €84.66/tonne.
Yesterday in Summary
UK gas and power retreated from near 4-year highs on Tuesday as Middle East tensions stabilised, Norwegian supply improved and stronger wind forecasts weighed on prompt contracts. NBP Oct-26 fell 6.78p to 198.41p/therm, while October baseload power dropped £7.10 to £152.75/MWh. Carbon also weakened, with Dec-26 EUAs down 2.7% to €85.51/tonne. Oil moved sharply higher, however, as disruption at Saudi Arabia’s Yanbu export terminal, Libyan outages and further attacks on Russian refining infrastructure intensified supply concerns, pushing Brent to $108.75/bbl.
