Electricity prices fall significantly over poor economic outlook, gas prices fall due to low LNG deliveries, CO2 fell significantly due to mild temperatures, oil prices fall after production cut, and coal prices lost compared to the previous week.
Cold and calm weather underpinned the early-January rally, LNG imports into major EU terminals slumped to their lowest since September 2018. Mild and windy weather forecasts are set to return power demand to expected levels.
Bullish energy market, underpinned by cold weather, reverses sharply. The U.K. front month gas contract reaches its highest level since 2008. Carbon’s sharpest weekly price drop since March 2020; Brent closes lower week-on-week.
After price spikes general energy mix is experiencing a correction, CO2 down among market volatility, Brent price grew but points toward a downward trend. Weather + Asian LNG demand will be large drivers for the coming days and weeks.