Headlines
It has been a largely bearish week for gas and power contracts this week, with some exceptions on longer term seasonal power contracts. Day-ahead gas fell 4.9% to 43.75p/th, following the subsidence of Storm Darcy and the associated cold weather front, leaving much warmer temperatures across much of the UK, reducing gas demand. Day-ahead power rose 0.2% to £57.5/MWh, despite the warmer temperatures but supported by forecasts of notable declines in wind generation next week. March 21 gas was down 2.0% at 43.73p/th, and April 21 gas decreased 0.6% to 42.84p/th. All seasonal gas contracts declined this week, down by 0.8% on average, as summer 21 and winter 21 gas dropped 0.8% and 0.3% respectively, subsiding to 41.14p/th and 50.47p/th. Most seasonal power contracts declined this week, down on average by 0.6%. Summer 21 power decreased 1.1% to £51.87/MWh, while winter 21 lifted 0.3% to £59.76/MWh. Brent crude oil rose 4.7% to $63.65/bl this week. Brent crude broke 12-month highs again this week across multiple days. Prices across 15 and 16 February reached $63.26/bl. Prices broke their yearly high again on 17 February rising to $63.99/bl before climbing even higher to its years and weekly high of $64.47/bl on 18 February. EU ETS carbon prices grew this week, rising 1.4% to average €39.07/t. Prices achieved an all-time high again this week, reaching €40.21 on 16 February.
| Baseload electricity | | |
- Day-ahead power rose 0.2% to £57.5/MWh, weighed by warmer temperatures but ultimately benefitting from forecasts of reduce wind generation forecast next week.
- March 21 power slipped 1.2% to £54.71/MWh and April 21 power decreased 0.9% to £54.25/MWh.
| | - Q221 power moved 3.0% lower to £52.15/MWh.
- The annual April 21 contract lost 0.4% to £55.82/MWh, 28.0% higher than the same time last year (£43.6/MWh).
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Forward curve comparison 
| | Annual April Contract 
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| Peak electricity | | |
- Comparing Friday on Friday price movements, day-ahead peak power remained static at £63.50/MWh.
- March 21 peak power declined 2.2% to £60.73/MWh, and April 21 peak power decreased 3.6% to £56.64/MWh.
| | - The annual April 21 peak power contract lost 1.1% to £62.36/MWh.
- This is 24.7% lower than the same time last year (50.01/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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- Most seasonal power contracts declined this week, down on average by 0.6%.
- Summer 21 power decreased 1.1% to £51.87/MWh, while winter 21 expanded 0.3% to £59.76/MWh.
| | - All seasonal peak power contracts declined this week, down 1.3% on average.
- Summer 21 and winter 21 peak power dropped 1.8% and 0.6% respectively, falling to £56.03/MWh and £68.68/MWh.
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| Commodity price movements | | |
Oil and Coal 
| | Carbon 
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- Brent crude oil rose 4.7% to $63.65/bl this week.
- Brent crude broke 12-month highs again this week across multiple days. Prices across 15 and 16 February reached $63.26/bl. Prices broke their yearly high again on 17 February rising to $63.99/bl before climbing even higher to its years and weekly high of $64.47/bl on 18 February.
- Prices also gained support from supply disruption and supported by concerns that the winter storm in Texas will disrupt U.S output for days or even weeks.
- API 2 coal fell 3.6% from the previous week to average $64.78/t.
| | - EU ETS carbon prices grew this week, rising 1.4% to average €39.07/t. Prices achieved an all-time high again this week, reaching €40.21 on 16 February.
- Carbon markets continue to prosper on investor speculation as well as drawing on some of the records gains made in the Brent crude market this week.
- Carbon prices also remain buoyant from more and continued ambitious EU climate targets and policy, as well as a potential supply squeeze on upcoming EUA phase 3.
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Wholesale price snapshot 
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