PPA & GPA – NBP Gas and Power contracts have increased in early trading and are now above last week’s lows.
The UK energy markets have seen a rise in line with the broader commodity complex. Oil prices are up due to the recent attacks in the Middle East that resulted in the death of US troops in Jordan and a fuel tanker being hit in the Red Sea.
The US benchmark oil contract (WTI) is now at $80, marking a 7% increase over the week.
LNG cargo data indicates that gas moving from the Middle East to Europe is being diverted around Africa.
Despite high inventories and no cold forecast, if we observe any event-driven surge, we would advise it as a fixing/hedging opportunity for PPAs and Green Gas Generators.
Please feel free to reach out to Fran or me if you have any further questions.