Market Report 25th March 2024

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In today's market report we look at the week of the 18th to the 22nd of March 2024.

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International Gas Market Review

18th March 2024

British short-term gas prices rose with NBP spot rising by about 6% to settle at 68.75 p/therm, influenced by rising demand due to forecasts of colder weather. Along the forward curve, the gas price for Sum-24 delivery soared by about 4% to settle at 67.49 p/therm amid LNG supply concerns.

19th March 2024

Gas prices had an upward trend with the NBP spot price reaching 74.5 p/therm, marking an 8% increase due to disruptions of the Norwegian flows. On the forward curve, Asian demand for gas pushed prices higher, despite LNG cargoes scheduled for March. As a result, the price for delivery in Summer 2024 saw a 7% increase, settling at 72.10 p/therm.

20th March 2024

British near-term gas prices shed as milder weather forecasts counterbalanced concerns over Norwegian gas supplies. Thus, NBP spot edged 0.4% lower to end at 74.23 p/therm.

Along the forward curve, the gas price for Sum-2024 delivery ended rather flat to bullish, settling at 72.24 p/therm, despite ample gas stockpiles.

21st March 2024

British short-term gas prices decreased with NBP spot falling by about 7% to settle at 69.30 p/therm amid lower gas-for-power demand due to warmer weather. Along the forward curve, the gas price for Sum-24 delivery also tumbled by about 4% to settle at 69.52 p/therm, on the back of ample storage levels and increasing Norwegian flows.

22nd March 2024

British short-term gas prices declined with NBP spot falling by over 3% to settle at 67 p/therm amid continuous weaker demand and milder weather. Along the forward curve, the gas price for Sum-24 delivery also tumbled by about 4% to settle at 66.83 p/therm, influenced by abundant supply outlook and rising Norwegian flows.

International Gas Market Review daily values table

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International Carbon Credit Pricing Analysis

18th March 2024

European carbon prices rose after as bullish gas prices and the strongest auction in nearly two weeks triggered buying interest. Thus, EUAs expiring in Dec-2024 settled at 59.39 EUR/tonne, posting about a 2% daily gain.

19th March 2024

European carbon prices surged mirroring the rise in gas prices. EUAs expiring in December 2024 jumped by over 3% to settle at 61.43 EUR/tonne.

20th March 2024

European carbon prices lost ground, attributed to ongoing fluctuations in the gas market & weak economic activity. Hence, EUAs expiring in Dec-2024 shed by 1% at 60.84 EUR/tonne.

21st March 2024

European carbon prices remained relatively stable for a second consecutive day due to a notable decline in trading volume. This occurred as the weekly Commitment of Traders data indicated a third consecutive reduction in investment funds' net short positions. Thus, EUAs expiring in Dec-2024 retreated by 0.4% to settle at 60.62 EUR/tonne. Consequently, EUAs expiring in Dec-2024 stood at approximately 56 EUR/tonne.

22nd March 2024

European carbon prices declined for the second consecutive due to waning buying interest, coupled with decreasing gas prices. As a result, EUAs expiring in Dec-2024 fell by about 3% to settle slightly above 59 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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