Markets this morning
UK wholesale gas prices are shedding some of yesterday’s gains early in this morning’s session. The front-month NBP prices last traded at 210.90p per barrel, down 5.93p since the markets opened, similarly the Summer-27 contract has shed some of the gains, down 2.21p and last traded at 155p per therm. Crude oil prices are mostly unchanged, attacks on shipping from Iran and the Yemeni Houthis are continuing in the Strait of Hormuz and the Bab al-Mandeb strait. Saudi Arabia’s energy ministry stated late yesterday that a Saudi Aramco owned building was targeted in yesterday’s attacks. The front-month Brent crude contract is up 15c, last traded at $105.84 per barrel.
Yesterday in Summary
UK wholesale gas prices rose for a sixth consecutive session on Tuesday as escalating attacks on energy infrastructure in Saudi Arabia and Ukraine added to the supply risk premium, while Brent crude oil prices eased on optimism around a US-Russia diesel deal. The front-month November-26 NBP contract gained 7.13p day-on-day to settle at 216.83p per therm. On the crude market, the prospect of increased Russian diesel supply to the U.S. offset the risk premium, with the December-26 Brent contract shedding 96c to settle at $105.69 per barrel, while domestically the U.S. WTI front-month contract gained 40c to $94.14 per barrel.
