Headlines
All gas and power contracts recorded losses this week. Day-ahead power was down 10.7% to end the week at £73.25/MWh, amid stronger wind output, but remains unseasonably high with strong demand and high gas prices lending support. All seasonal power contracts declined last week, down on average by 3.6%. Winter 21 power decreased 3.9% to £81.20/MWh, while summer 22 fell 4.8% to £59.50/MWh. Day-ahead gas fell 0.4% to 66.00p/th, with prices remaining high amid unusually cold weather and high carbon prices. Month-ahead gas lost 7.1% to 63.39p/th. Seasonal gas contracts mirrored their power counterparts, declining by 3.9% on average. Both winter 21 and summer 22 gas dropped 6.4% and 7.0% respectively, subsiding to 69.07p/th and 48.00p/th. Brent crude oil fell 0.5% to average $67.82/bl. Economic reopening in Europe and the US was countered by demand concerns over surging COVID-19 cases in Asia and expectations that sanctions on Iranian oil exports will be lifted. EU ETS carbon lost 0.6% to average €53.23/t, after some profit-taking this week. UK ETS carbon ended its first week of trading to average £47.87/t, outturning £2.12/t higher on average against the equivalent EU ETS price.
| Baseload electricity | | |
- Day-ahead power down 10.7% to £73.25/MWh, amid stronger wind output throughout the week. However, prices remained unseasonably high due to strong demand and high gas prices providing support.
- June 21 power slipped 3.0% to £75.50/MWh and July 21 power dropped 5.4% to £74.75/MWh.
| | - Q321 power moved 2.5% lower to £74.99/MWh.
- The annual October 21 contract lost 4.3% to £70.35/MWh, which was 65.2% higher than the same time last year (£42.58/MWh).
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Forward curve comparison 
| | Annual April Contract 
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| Peak electricity | | |
- Day-ahead peak power eased 13.1% to £76.15/MWh, following downward price movements from its baseload counterpart.
- June 21 peak power declined 0.5% at £80.35/MWh. Alternatively, July 21 peak power rose 2.6% to £79.00/MWh.
| | - The annual October 21 peak power contract lost 6.4% to £78.20/MWh.
- This was 60.8% higher than the same time last year (£48.63/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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- All seasonal power contracts declined this week, down on average by 6.9%.
- Winter 21 and summer 22 fell 3.9% and 4.8% respectively, down to £81.20/MWh and £59.50/MWh.
| | - The majority of seasonal peak power contracts saw gains this week, rising by 3.0% on average.
- Winter 21 and summer 22 peak power increased 5.1% and 8.3% respectively, to outturn at £91.70/MWh and £64.70/MWh.
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| Commodity price movements | | |
Oil and Coal 
| | Carbon 
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- Brent crude oil fell 0.5% to average $67.82/bl across the week.
- Economic reopening in Europe and the US was countered by demand concerns over surging COVID-19 cases in Asia and expectations that sanctions on Iranian oil exports will be lifted.
- Additional pressure came from news that the Energy Information Administration reported a US crude oil inventory build of 1.3 million barrels for the week to May 14. This was notably higher than earlier estimates which had forecast a 620,000 barrel increase for the same period.
| | - EU ETS carbon lost 0.6% to average €53.23/t, after some profit-taking this week, moving away from the highs observed in previous weeks.
- EUA prices took a drive mid-week due to high auctions volumes, leading to oversupplied auctions. More generally, prices eased as market participants remained wary of increased speculative profit taking.
- UK ETS carbon ended its first week of trading to average £47.87/t, outturning £2.12/t higher on average against the equivalent EU ETS price.
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Wholesale price snapshot 
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