Oil & Markets
Brent crude futures settled 2.3% lower on Friday after banking fears continued plaguing the sector, with the commodity closing at $72.97 per barrel. Most analysts, however, agree that while oil is not as safe as gold or cash now, the fundamentals aren’t as terrible as what the prices are showing. The price is a more emotional reflection of the banking crisis, rather than an issue of supply and demand. Equity markets also traded down as the banking crisis worsened recessionary fears and lead to the S&P 500 shedding 1.1% and settling at $3917. We will likely see equities recover soon as the financial support given to banks will end up being reflected in the pricing.
Gas & Power
Wholesale UK gas and power markets continued recovering after the sudden price jump last week, with prices tracking down across all relevant futures, and the gas spot contract inching ever closer to the elusive 100 p/therm mark. It remains to be seen whether the market breaks through the psychological threshold. European markets saw minor corrections in power futures, with German and French calendar 2024 prices gaining 0.6% and 3.3% respectively. Sentiment in EUA trading was shaky as wider financial worries helped apply bearish pressure throughout the week, however ultimately sending the instrument sideways on Friday with a 0.25% increase, settling at 87.07 €/tonne.
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
13/03/2023 | 129.00 | 111.00 |
14/03/2023 | 113.50 | 131.50 |
15/03/2023 | 106.00 | 115.00 |
16/03/2023 | 104.00 | 115.00 |
17/03/2023 | 98.99 | 115.00 |
20/03/2023 | 91.50 | 102.00 |
7 day averages
Gas (pence per therm) 107.17
Electric (£ per MWh) 114.92
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