GLEG UK & European Energy Snapshot...
Daily (23.10.2024): Oil prices rose by 2% on Tuesday, driven by strong demand signals from China and the potential for an imminent Israeli strike on Iran.
Oil prices closed 2% higher on Tuesday, boosted by upbeat demand indicators from China and the growing threat of a possible Israeli attack on Iran. Brent crude closed at $76.04 per barrel, while WTI crude set at $71.74 per barrel.
British gas prices continued to rise on Tuesday, with the NBP spot increasing by over 2%, closing at 101.35 p/therm reflecting heightened sensitivity to supply developments. On the forward curve, the Sum-2025 contract rose by nearly 2%, settling at 95.61 p/therm after several LNG projects by TotalEnergies, originally set to come online in 2025, were delayed until 2027 due to economic and political decisions in the US.
European electricity spot prices diverged on Tuesday. The German day-ahead price increased by nearly 9%, closing at 112.00 EUR/MWh amid reduced wind generation. In contrast, the French spot price fell by 1.5%, closing at 85.11 EUR/MWh due to a slight increase in nuclear availability.
On the forward curve, electricity prices followed the bullish trend in gas markets gaining around 1.3%. The German Cal'25 contract closed at 87.24 EUR/MWh, while the French Cal'25 contract ended at 72.99 EUR/MWh.
European carbon prices followed gas markets, with the EUA Dec-2024 contract increasing by 0.8%, closing at 62.25 EUR/tonne.
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