Market Report 18th November 2024

Welcome back to #EnergyMarketAnalysis with Digren Energy

In today’s market report, we review the week from the 11th to the 15th of November 2024.

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International Gas Market Review

11th Nov 24

British near-term gas prices rose with the NBP spot price climbing by over 2% to close at 106.15 p/therm, driven by increased demand linked to a rise in heating degree days. Further along the curve, the Sum-2025 contract rose by 2%, settling at 99.62 p/therm due to the planned shutdown at Australia’s Northwest Shelf LNG facility in Q1 2025.

12th Nov 24

British near-term gas prices surged with the NBP spot price rising by 4% to close at 110.50 p/therm, driven by cooler temperature forecasts and recent withdrawals from storage. The Sum-2025 contract also climbed by 3%, settling at 102.57 p/therm, supported by platform disruptions caused by Hurricane Rafael.

14th Nov 24

British gas prices softened with the NBP spot price slipping by 0.6% to close at 110.95 p/therm. Despite low wind generation set to persist, a marginal increase in temperatures is expected to cap heating demand. On the forward curve, the Sum-2025 contract dropped by over 1%, settling at 102.51 p/therm, as traders took profits following yesterday's rally.

15th Nov 24

British gas spot price saw an increase of over 5%, with the NBP spot price climbing to 116.75 p/therm, driven by a rise in domestic demand for heating. On the forward curve, the NBP Sum- 2025 contract jumped by around 5%, closing at 107.42 p/therm, amid supply concerns related to the expiration of the Russian gas transit via Ukraine at the end of the year.

International Gas Market Review daily values table

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International Carbon Credit Pricing Analysis

12th Nov 24

European carbon prices posted a modest decline, with the EUA Dec-2024 contract dropping by 0.7%, closing at 67.57 EUR/tonne, reflecting a brief retreat after a positive start to the week.

14th Nov 24

European carbon prices declined, with the EUA Dec-2024 contract dropping by 2%, closing at 66.31 EUR/tonne. Despite a dip, the overall market sentiment remains driven by weather conditions, which continue to play a significant role in price movements.

15th Nov 24

European carbon prices saw a significant rise, with the EUA Dec-2024 contract increasing by 3% to 68.27 EUR/tonne, supported by technical buying and gas prices hovering at a one- year high.

International Carbon Credit Pricing Analysis daily values table

That's all for today. Feel free to leave a comment with your opinion.

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