The markets have pushed into new uncharted territory, to once again reach record breaking valuations. The only metric that has not is 12 month gas prices, of which, the 06/10/2021 was higher. The rise is in response to low gas storage stocks across the European continent, which is looking more precarious by the day as it depletes.
From the 19th December, temperatures are expected to turn considerably colder, which will place strain on an already stretched gas system. GazProm meanwhile, once more for the seventh consecutive week failed to schedule any auctions on its electronic platform, leading to minimal expectations of any increased Russian gas flows.
Coal fired generation is increasing due to such high gas prices across the UK and Europe, which is pushing Carbon permit prices higher and higher as the need for them grows, which in turn, is only exacerbating gas and power prices higher even more.