It has been a largely bearish week for both gas and power contracts, with some exceptions in seasonal summer contracts on the forward curve. Day-ahead gas fell 13.6% to 46.00p/th, with an oversupplied system at the week’s start and higher temperatures forecast for next week. Day-ahead power fell 7.4% to £57.4/MWh, following the gas price lower, compounded by stronger levels of wind generation, particularly at the week’s end. March 21 gas was down 9.3% at 44.62p/th, and April 21 gas decreased 5.9% to 43.11p/th. Most seasonal gas contracts declined last week, down by 1.0% on average. Summer 21 and winter 21 gas dropped 3.9% and 2.9% respectively, subsiding to 41.48p/th and 50.60p/th. Most seasonal power contracts also declined this week, down on average by 0.2%, as summer 21 power decreased 2.0% to £52.43/MWh, while winter 21 fell 2.0% to £59.60/MWh. In contrast, Brent crude oil rose again last week, up 5.3% to average $60.82/bl. The Brent crude price broke yearly highs on consecutive days, the first being on Monday 8 February reaching $60.10bl. Over the following two days the price rose a further $1.45/bl to reach its weekly and new yearly high of $61.55/bl. EU ETS carbon prices grew last week, rising 8.6% to average €38.52/t. Prices hit an all-time high of €39.46/t on Thursday and were buoyed by investor speculation on future price trajectory.
Baseload electricity | ||
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Forward curve comparison | Annual April Contract | |
Peak electricity | ||
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Forward curve comparison
| Annual April contract | |
Seasonal power prices | ||
Seasonal baseload power contracts | Seasonal baseload power curve | |
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Commodity price movements | ||
Oil and Coal | Carbon | |
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Wholesale price snapshot |