Most power and gas contracts fell this week, though some small gains were seen in longer term power contracts. Day-ahead gas fell 12.0% to 13.60p/th on slightly milder temperatures forecast for next week, with oversupply of gas in the market continuing to rise. Day-ahead power fell 21.5% to £22.25/MWh, despite forecasts of lower wind early next week as the general decline in demand continued. May 20 gas was down 8.1% at 15.35p/th, and June 20 gas decreased 7.6% to 16.20p/th. All seasonal gas contracts declined this week, down by 0.7% on average, while both winter 20 and summer 21 gas dropped 0.1% and 0.5% respectively, subsiding to 33.70p/th and 30.55p/th. Seasonal power contracts were mixed, but moved down on average by 0.3%, as winter 20 power expanded 0.8% to £41.75/MWh, while summer 21 fell 1.6% to £37.20/MWh. Despite optimism early in the week that measures taken by OPEC and OPEC+ to cut global oil supply by 9.7mn bpd would support prices, Brent crude oil prices lost 12.2% to average $29.11/bl this week. There was sentiment in the market that the cuts to crude production would not be enough to outweigh falling demand for the commodity, currently decimated by the coronavirus. EU ETS carbon prices followed oil prices lower again, dropping 1.3% to average €20.11/t. Prices continue to follow oil and are also dependent on lockdown measures in EU countries. API 2 coal lost 1.4% to average $54.73/t this week.
Baseload electricity | ||
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Forward curve comparison | Annual October Contract | |
Peak electricity | ||
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Forward curve comparison | Annual October 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 |