Headlines
All wholesale gas contracts fell week-on-week, as the return of gas flows from Norway boosted supplies and weaker demand was expected amid forecasts of warmer weather over Easter weekend. Day-ahead gas dropped 10.6% to 35.3p/th. The contract ended the week 31.9% lower than the same time last year when it was 51.8p/th. All seasonal contracts decreased week-on-week, falling 0.8% on average, with winter 19 gas slipping 0.9% to 57.8p/th. Nearly all baseload power contracts followed their gas counterparts, with the exception of winter 20. Day-ahead power reversed the previous week’s gains, dropping 3.3% to end the week at £44.3/MWh. Seasonal power contracts fell 0.6% on average. The winter 19 power contract fell 0.6% at £60.4/MWh, but was up 13.0% from the same time last month (£45.2/MWh). Baseload power contracts fell despite further recovery in EU ETS carbon prices, which rose to a near 11-year high of €27.8/t, as total auction volumes halved this week from the previous week. Brent crude oil prices rose 0.9% to average $71.8/bl this week and ranged between $70.8/bl and $72.3/bl, a five-month high. Support continued to come from concerns of a tighter oil market amid OPEC+ production cuts, US sanctions on Iran and Venezuela, and unrest in Libya. API 2 coal prices averaged $74.8/t this week, unchanged from the previous week. Coal prices started the week at $76.0/t but dropped as low as $73.8/t on 16 April as low gas prices in Europe continued to drive coal-fired power plants out of the generation mix.
Baseload electricity | | |
- Day-ahead power reversed the previous week’s gains, down 3.3% to end the week at £44.3/MWh.
- The month-ahead contract fell 3.1% to £44.6/MWh and June 19 power dropped 3.6% to £45.3/MWh.
| | - Annual October 19 power slipped 0.7% week-on-week to £55.7/MWh.
- The contract is 13.0% above the same time last month (£49.3/MWh).
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Forward curve comparison 
| | Annual April Contract
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Peak electricity | | |
- Day-ahead peak power decreased 3.6% to £46.3/MWh, £2.0/MWh above its baseload counterpart.
- Day-ahead peak power is 11.3% lower than the same time last year when it was £52.2/MWh.
- May and June 19 peak power fell 3.8% and 3.3% to £47.6/MWh and £49.8/MWh, respectively.
| | - Annual October 19 peak power lost 0.8% to £61.3/MWh, remaining £5.6/MWh above its baseload power counterpart.
- The contract is 11.1% higher than its value this time last month (£55.1/MWh).
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Forward curve comparison 
| | Annual April contract 
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Seasonal power prices | | |
Seasonal baseload power contracts
| | Seasonal baseload power curve 
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- Seasonal power contracts fell 0.6% on average.
- Winter 19 power dropped 0.6% to £60.4/MWh, up 13.0% from the same time last month when it was £53.5/MWh.
| | - Seasonal peak power contracts fell 0.7% on average, with only winter 20 rising, up 0.2%.
- The winter 19 peak contract was down 0.7% at £67.3/MWh.
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Commodity price movements | | |
Oil and Coal 
| | Carbon 
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- Brent crude oil prices rose 0.9% to average $71.8/bl.
- This week, oil prices ranged between $70.8/bl and $72.3/bl, a five-month high. Support continued to come from concerns of a tighter oil market amid OPEC+ production cuts, US sanctions on Iran and Venezuela, and unrest in Libya.
- These factors are the key driving force in oil prices at the moment, offsetting any pressure from news that OPEC+ may halt production cuts beyond June 2019, and reports that US crude production is at a record high of 12.2mn bpd.
- API 2 coal prices averaged $74.8/t this week, unchanged from the previous week.
- Coal prices started the week at $76.0/t but dropped as low as $73.8/t on 16 April as low gas prices in Europe continued to drive coal-fired power plants out of the generation mix.
| | - EU ETS carbon prices jumped 4.7% to average €27.1/t.
- Prices peaked at €27.8/t on 17 April, a near 11-year high, as total auction volumes halved this week from the previous week.
- No auctions took place on 17 and 19 April, with Friday 19 April marking the start of a four-day Easter weekend.
- Last minute compliance buying is still taking place ahead of the 30 April compliance deadline.
- Carbon prices have remained bullish despite cheap gas prices and relatively expensive coal prices, which would be expected to drive coal-fired power stations out of the generation mix and therefore lower demand for EUAs.
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Wholesale price snapshot
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