Market Report 9th December 2024

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In today’s market report, we review the week from the 2nd to the 6th of December 2024.

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International Gas Market Review

2nd Dec 24

British near-term gas prices rose supported by forecasts of declining wind generation. The NBP spot price increased by 1%, closing at 116.30 p/therm. Similarly, forward gas prices gained ground amid ongoing Russian geopolitical risks and heightened Asian LNG competition provided additional support. The Sum-2025 contract climbed by 2%, ending at 111.02 p/therm, despite Venture Global's Plaquemine LNG facility decision to commence LNG shipments for the rest of 2025.

3rd Dec 24

In The British gas spot price surged following Gazprom's announcement of a 3% reduction in transit flows through Ukraine, which heightened concerns over tightening gas supply. As a result, the NBP spot price rose by 4%, closing at 120.75 p/therm. On the forward curve, the NBP Sum-2025 contract also saw a 1.3% increase, settling at 112.51 p/therm, amid supply concerns after Israel attacked Lebanon.

4th Dec 24

In the UK, near-term gas prices saw a slight increase driven by diversions of LNG to Asia. However, the gains were somewhat capped by higher Norwegian gas flows to the UK. Thus, the NBP spot price rose marginally by 0.3%, closing at 121.15 p/therm. On the forward curve, prices softened slightly as Australia's Pluto LNG facility resumed operations, with no major LNG outages or maintenance activities globally. The NBP Sum-2025 contract edged 0.5% lower at 112 p/therm.

5th Dec 24

In the UK, near-term gas prices were bearish with the NBP spot price decreasing by 4%, closing at 116.25 p/therm. The market was pressured by improved weather conditions, which led to a significant drop in heating demand. Additionally, the UK secured an additional LNG cargo for December 2024. On the forward curve, the NBP Sum-2025 contract fell by nearly 3%, settling at 108.67 p/therm, amid ample supply.

6th Dec 24

British short-term gas prices remained relatively stable with the NBP spot price dropping by 2% to 114.50 p/therm, as warm weather and strong winds led to a reduction in gas-fired generation. In the forward market, the gas price for Summer 2025 delivery closed 1% lower at 107.82 p/therm, thanks to comfortable supply conditions.

International Gas Market Review daily values table

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International Carbon Credit Pricing Analysis

2nd Dec 24

European carbon prices increased, with the EUA Dec-2024 contract increasing by 1% to 68.40 EUR/tonne, mirroring the gains in gas prices.

3rd Dec 24

European carbon prices followed the evolution of gas prices. The EUA Dec-2024 contract increased by 0.6%, closing at 68.83 EUR/tonne.

4th Dec 24

European carbon prices decreased by 0.5%. The EUA Dec-2024 contract closed at 68.49 EUR/tonne, reflecting the downward movement in both gas and coal prices.

5th Dec 24

European carbon prices fell by 1%. The EUA Dec-2024 contract closed at 67.86 EUR/tonne, influenced by the sharp decline in gas prices.

6th Dec 24

European carbon prices surged, influenced by a bearish energy market. The EUAs set to expire in December 2024 decreased by 1%, reaching 67.34 EUR/tonne.

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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