Market Report 19th March 2024

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In today's market report we look at the week of the 11th to the 15th of March 2024.

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International Gas Market Review

11th March 2024

British short-term gas prices gained ground on Friday, with NBP spot rising by 3% to settle at 69 p/therm as higher demand due to colder weather continued to support prices. Along the forward curve, the gas price for Sum-24 delivery rose by around 1% to hover around 66 p/therm on the back of robust gas-for-power demand and concerns over LNG supply despite ample storage levels.

12th March 2024

Unseasonably warm temperatures led to a decrease in heating gas demand, resulting in a drop of over 7% in the NBP spot price to 64 p/therm. On the forward curve, expectations of six LNG cargoes weighed on the price for delivery in Summer 2024, which fell by 5% to 62.65 p/therm.

13th March 2024

British near term gas prices declined with NBP spot price dropping by about 2% to 63 p/therm as winter ends and gas demand decreases. On the forward curve, reports of ample supply weighed on the price for delivery in Summer 2024, which had a stable-to-bearish 0.5% decrease.

14th March 2024

British short-term gas prices dropped with NBP spot falling by about 2% to settle at 62 p/therm on the back of milder weather and ample storage. Along the forward curve, the gas price for Sum-24 delivery ended rather flat to bullish to close at 62.42 p/therm as healthy supply outweighed reduced Norwegian flows and LNG concerns.

15th March 2024

British short-term gas prices increased with NBP spot rising by about 5% to settle slightly below 65 p/therm amid higher gas-for-power demand. Along the forward curve, the gas price for Sum-24 delivery also surged by over 4% to settle at 65.14 p/therm, driven by concerns over supply, as provisional data indicated a decline in LNG imports into the UK, potentially reaching a six-month low in March due to competition from Asian markets.

International Gas Market Review daily values table

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International Carbon Credit Pricing Analysis

11th March 2024

European carbon prices fell by 1.3% due to weak auction outcome as well as robust green output. Hence, EUAs expiring in Dec-2024 stabilised at 58.39 EUR/tonne.

12th March 2024

European carbon prices declined mirroring the downward trend in gas prices. EUAs expiring in December 2024 fell by about 4%, reaching 56.21 EUR/tonne.

13th March 2024

European carbon prices registered a slight increase mirroring the bump in coal prices. EUAs expiring in December 2024 rose by merely 1%, ending at 56.51 EUR/tonne.

14th March 2024

European carbon prices continued to decline resuming their downward trend after a brief pause on Tuesday. Weekly positions data from major exchanges revealed that investment funds had reduced their net short position by a smaller amount than expected, increasing the bearish sentiment. Consequently, EUAs expiring in Dec-2024 stood at approximately 56 EUR/tonne.

15th March 2024

European carbon prices climbed to their highest level of the week, propelled by continuous buying activity and a significant increase in gas prices. Hence, EUAs expiring in Dec-2024 jumped by 4.3% to settle at 58.45 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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