Headlines
A mixed week for the GB energy market saw losses and gains in various gas and power contracts. Day-ahead gas remained at 13.25p/th despite supply concern following a maintenance period on the Nord Stream pipeline. Day-ahead power rose 1.6% to £31.25/MWh as forecasts of lower wind generation throughout the week looked to support prices. August 20 gas was down 2.5% at 13.43p/th and September 20 gas decreased 9.0% to 15.16p/th. Seasonal gas contracts saw mixed direction this week, ultimately rising by 0.1% on average; the winter 20 gas contract dropped 1.8% to 33.53p/th, while summer 21 gas increased 0.2% to 31.38p/th. Most seasonal power contracts declined this week, down on average by 1.2% as winter 20 power decreased 1.5% to £45.81/MWh, while summer 21 fell 1.4% to £41.4/MWh. Brent crude oil prices held steady this week, averaging $43.01/bl. The markets remain uncertain over future demand for the commodity, with the fears of a second wave of coronavirus potentially limiting future growth in the oil contract. EU ETS carbon prices saw volatile movement this week, reaching a 14-year high of €30.57/t on 13 July, driven by supportive changes to weather and rallying European equity markets.
| Baseload electricity | | |
- Day-ahead power rose 1.6% to £31.25/MWh, having been supported by falling wind generation forecasts throughout the week.
- August 20 power slipped 5.3% at £30.5/MWh and September 20 power decreased 4.5% to £33.24/MWh.
| | - Q420 power moved 1.6% lower to £43.3/MWh.
- The annual October 20 contract lost 1.4% to £43.61/MWh, 17.8% lower than the same time last year (£53.07/MWh).
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Forward curve comparison 
| | Annual October Contract
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| Peak electricity | | |
- Day-ahead peak power was up 1.5% to £33/MWh.
- August 20 peak power gained 0.7% at £37.14/MWh, and September 20 peak power increased 3.2% to £41.33/MWh.
| | - The annual October 20 peak power lost 2.3% to £49.21/MWh.
This is 17.8% lower than the same time last year (59.86/MWh). |
Forward curve comparison 
| | Annual October 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 1.2%.
- Winter 20 power decreased 1.5% to £45.81/MWh, while summer 21 fell 1.4% to £41.4/MWh.
| | - All seasonal peak power contracts declined this week, down 2.3% on average.
- Winter 20 and summer 21 peak power dropped 2.5% and 2.1% respectively, falling to £53.01/MWh and £45.4/MWh.
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| Commodity price movements | | |
Oil and Coal 
| | Carbon 
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- Brent crude oil prices held steady this week, averaging $43.01/bl.
- The markets remain uncertain over future demand for the commodity, with the fears of a second wave of coronavirus potentially limiting future growth in the oil contract.
- Minor losses were seen in Brent prices midweek following the decision by OPEC+ allies tease the productions cuts that started in May. The record 9.7mn bpd cuts will now be scaled back to 7.7mn bpd starting in August.
- Reports from OPEC saw the group envisaging global demand recovering by 7mn bpd in 2021, following the 9mn bpd drop this year as a result of the pandemic.
| | - EU ETS carbon prices saw volatile movement this week, reaching a 14-year high of €30.57/t on 13 July, driven by supportive changes to weather and rallying European equity markets.
- Following this high, prices subsequently dropped throughout the week as a result of higher supply at EUA auctions.
- The increase the EUA’s issued helped prices crash by just over 10% to finish the week at €27.24/t.
- API 2 coal prices continued to rise this week, hitting a 4-month high of €60.40/t, drawing influence from the surge in EU ETS prices recently.
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Wholesale price snapshot
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