Headlines
Mixed movements were observed this week for near-term gas and power prices. Day-ahead gas fell 7.0% to 13.25p/th, following an oversupplied system. Day-ahead power rose 18.3% to £30.75/MWh, amid periods of low wind output and power demand recovery following the easing of lockdown restrictions. August 20 gas was down 8.3% at 13.78p/th, and September 20 gas decreased 3.4% to 16.6p/th. All seasonal gas contracts rose this week, up by 2.1% on average, while winter 20 and summer 21 gas increased 3.1% and 1.1% respectively, lifting to 34.14p/th and 31.33p/th. Seasonal power contracts boosted this week, up on average by 2.4%, as winter 20 and summer 21 expanded 2.8% and 1.8% respectively, rising to £46.5/MWh and £42/MWh. EU ETS carbon prices leapt 8.0% this week to average €28.7/t, reaching a near 12-month high amid strong trading activity. Brent crude oil experienced growth this week, rising 2.0% to average $42.7/bl, up from $41.9/bl the previous week.
| Baseload electricity | | |
- Day-ahead power rose 18.3% to £30.75/MWh, following a steady rise in demand, coupled with periods of low wind generation.
- August 20 power climbed 0.3% at £32.2/MWh and September 20 power decreased 0.6% to £34.79/MWh.
| | - Q420 power moved 2.2% higher to £44.01/MWh.
- The Annual October 20 contract rose 2.3% to £44.25/MWh, 19.1% lower than the same time last year (£54.69/MWh).
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Forward curve comparison 
| | Annual October Contract 
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| Peak electricity | | |
- Day-ahead peak power was down 0.8% to £32.5/MWh.
- August 20 peak power gained 0.9% at £36.89/MWh, and September 20 peak power increased 0.8% to £40.03/MWh.
| | - The annual October 20 peak power lost 1.5% to £50.37/MWh.
- This is 17.8% lower than the same time last year (61.31/MWh).
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Forward curve comparison 
| | Annual October contract 
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| Seasonal power prices | | |
Seasonal baseload power contracts 
| | Seasonal baseload power curve 
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- Seasonal power contracts boosted this week, up on average by 2.4%.
- Winter 20 and summer 21 expanded 2.8% and 1.8% respectively, rising to £46.5/MWh and £42/MWh.
| | - Seasonal peak power contracts rose higher this week, up 2.1% on average.
- Winter 20 and summer 21 peak power increased 1.0% and 2.2% respectively, falling to £54.35/MWh and £46.39/MWh.
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| Commodity price movements | | |
Oil and Coal 
| | Carbon 
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- Brent crude oil experienced growth this week, rising 2.0% to average $42.7/bl, up from $41.9/bl the previous week. Oil prices started the week at $43.37/bl, though settled lower at the end of the week at $41.44/bl.
- Tighter supplies helped to support prices at the start of the week, despite news of fresh COVID-19 cases being detected across a number of countries. The US rig count fell by three rigs early in the week, dipping down to total 185.
- However, growth has been pegged back by fears that new COVID-19 cases could led to fresh lockdown measures, which would overall halt demand recovery.
- API 2 coal prices extended upon the previous week’s growth, rising 0.5% to average $58.1/t.
| | - EU ETS carbon prices increased week-on-week, growing 8.0% this week to average €28.7/t. On 7 July, carbon prices reached €29.4/t, a near 12-month high, amid strong speculator-driven trading activity, despite weak fundamentals
- Market prices were supported mid-week as the European Parliament’s environment committee adopted a report to extend the scope of the EU ETS to the shipping sector. This signalled the prospect of increased future demand for EUAs.
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Wholesale price snapshot
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