Energy Report 31st July 2023

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In this edition we look at the energy trends for the week of 24th to 28tt of July.

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International Gas Market Review

24th July 2023

British near-term gas prices declined on Friday due to strong renewables and a healthy Norwegian supply. Furthermore, high gas storage levels weighed on prices. Thus, NBP spot lost more than 5%. Along the forward curve, the Win2023 delivery contract fell by 1.3%.

25th July 2023

British near-term gas prices surged as gas-for-power demand increased due to a declining in nuclear power availability as three nuclear reactors are on maintenance. Furthermore, weaker wind generation also boosted prices. Hence, NBP spot jumped more than 10%. Along the forward curve, the Win2023 delivery contract surged by 2.6%, tracking a bullish energy complex.

26th July 2023

Spot electricity prices in Europe diverged on Tuesday, driven by mixed signals. Front-year electricity prices continued to rise, tracking the upward trend in the gas market.

27th July 2023

Rising wind and solar output combined with temperatures sitting above seasonal norms weighed on short-term gas prices in Britain, resulting in a 10% drop in the day-ahead price. Along the forward curve, high inventory levels and muted industrial demand dragged down the gas price for Win-23 delivery.

28th July 2023

The British near-term gas prices fell, with NBP spot declining by around 3%. This drop occurred due to an overall bearish market picture. Along the forward curve, the Win-23 delivery gas price also decreased by 1.2% due to comfortable supply levels. Adding to this, the UK confirmed three LNG cargoes are expected to arrive in August, contributing to the downward pressure on prices.

International Gas Market Review daily values table

Irish Electricity Generations Prices & Market Analysis

24th July 2023

Spot electricity prices in Europe dropped on Friday, amid low demand and relatively robust wind and solar generation. Front-year electricity prices ended rather flat on Friday, as growing worries about gas supplies were counterbalanced by low power demand.

25th July 2023

Spot electricity prices in Europe traded higher on Monday, supported by weaker wind generation. Moreover, increased demand amid falling temperatures boosted prices. On Monday, front-year electricity prices were mixed, in tandem with bullish gas prices.

26th July 2023

Spot electricity prices in Europe dropped on Tuesday, amid reduced demand and higher renewables output. Front-year electricity prices traded higher on Tuesday, tracking bullish gas prices.

27th July 2023

Spot electricity prices increased sharply on Wednesday amid weaker wind generation, while nuclear generation remained mostly unchanged. Forward electricity prices were mixed yesterday.

28th July 2023

Spot electricity prices in Europe climbed on Thursday amid forecasts of lower wind generation. Front-year electricity prices evolved differently on Thursday, tracking slightly bullish carbon prices.

Irish Electricity Generations Prices & Market Analysis daily values table

International Carbon Credit Pricing Analysis

26th July 2023

European carbon prices rose on Tuesday as the market continued to accumulate in anticipation of the supply reduction scheduled for August. The ongoing bullish trend in related market provided further support. Thus, EUAs expiring in December 2023 gained 1% to end at 91.93 EUR/tonne.

27th July 2023

On Wednesday, European carbon prices erased all the gains made during the week. The shift was a result of the position data showing that investment funds had increased their net long positions to the highest in more three months. Economic concerns and falling fuels prices added further downward pressure. Thus, EUAs expiring in December 2023 declined by 1.2% to stand at 90.84 EUR/tonne.

28th July 2023

European carbon prices recorded a moderate gain on Thursday, as the market seemed to find support for buying. The EUAs expiring in Dec-2023 added 0.2% to settle at 91.06 EUR/tonne.

International Carbon Credit Pricing Analysis daily values table

That's all for today. Feel free to leave a comment with your opinion on next week's energy trends.

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