Headlines
It was a mixed week in terms of pricing fundamentals across gas and power markets this week, with majority of baseload power contracts rising, with the opposite said for gas contracts. Day-ahead gas fell 1.7% to 55.80p/th, following periods of system oversupply, strong LNG sendout and warmer weather. Conversely, day-ahead power rose 2.3% to £67/MWh, supported by periods of increased demand and reductions in available nuclear capacity at the weeks start. May 21 gas was up 0.6% at 52.26p/th, and June 21 gas increased 1.5% to 53.15p/th. All seasonal gas contracts declined this week, down by 0.9% on average, while both winter 21 and summer 22 gas dropped 0.5% and 0.8% respectively, subsiding to 59.32p/th and 43.18p/th. Most seasonal power contracts rose this week, up on average by 0.6%, as winter 21 and summer 22 expanded 1.8% and 0.8% respectively, rising to £71.00/MWh and £52.90/MWh. Brent crude oil prices saw gains, rising 1.7% to average $66.17/bl. At the weeks start, prices were supported by a generally weakening dollar, combined with disruption to Libyan oil exports, alongside an unexpected decline in US crude inventories throughout the week. EU ETS carbon prices rose this week, rising 2.7% to average €45.43/t. Prices broke all-time record highs on more than one occasion but reached its highest peak of €46.70/t on 22 April.
| Baseload electricity | | |
- Day-ahead power rose 2.3% to £67/MWh, supported by periods of increased demand and reductions in available nuclear capacity at the weeks start.
- May 21 power climbed 2.4% at £62.89/MWh and June 21 power increased 2.4% to £64/MWh.
| | - Q321 power moved 1.2% higher to £63/MWh.
- The annual October 21 contract rose 1.3% to £61.95/MWh, 49.6% higher than the same time last year (£41.42/MWh).
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Forward curve comparison 
| | Annual April Contract 
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| Peak electricity | | |
- Day-ahead peak power was up 11.5% to £71.75/MWh, following its baseload counterpart higher.
- May 21 peak power gained 6.3% at £68.5/MWh, and June 21 peak power increased 4.0% to £69.25/MWh.
| | - The annual October 21 peak power lost 9.3% to £61.88/MWh.
- This is 30.3% lower than the same time last year (47.5/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 lifted this week, up on average by 0.6%.
- Winter 21 and summer 22 expanded 1.8% and 0.8% respectively, rising to £71.00/MWh and £52.90/MWh.
| | - All seasonal peak power contracts declined this week, down 9.9% on average.
- Winter 21 and summer 22 peak power dropped 11.0% and 7.0% respectively, falling to £70.50/MWh and £53.25/MWh.
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| Commodity price movements | | |
Oil and Coal 
| | Carbon 
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- Brent crude oil prices rose this week, up 1.7% to average $66.17/bl.
- A combination of factors contributed to more bullish price movements this week, in continuation of recent upwards trends observed in recent weeks.
- At the weeks start, prices were supported by a generally weakening dollar, combined with disruption to Libyan oil exports alongside unexpected decline in US crude inventories throughout the week.
- Gains made at the weeks start were partially offset by reports of increases in COVID-19 case numbers in many consuming countries such as India and Japan.
| | - EU ETS carbon prices rose this week, rising 2.7% to average €45.43/t. Prices broke all-time record highs on more than one occasion but reached its highest peak of €46.70/t on 22 April.
- Recent cooler weather across much of Europe has supported EU ETS prices again this week. Periods of cold weather has increased fossil fuel demand, feeding through into higher EUA demand.
- Added support came from speculative buying and last-minute compliance demand, along with negotiators agreeing upon the EU’s overall 2030 emissions target.
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Wholesale price snapshot 
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