Near-term power and gas contracts decreased this week, amid warmer temperatures and an oversupplied gas system. Seasonal contracts diverged with gas prices following oil prices higher, while power prices were pressured by falling EU ETS carbon prices. Most baseload power contracts decreased this week, with near-term contracts mirroring their gas counterparts and seasonal contracts pressured by lower commodity prices. Day-ahead power fell 12.6% to £40.9/MWh. The June 2019 contract slipped 4.8% to £41.4/MWh and July 19 power lost 5.0% to £41.5/MWh. Nearly all seasonal power contracts moved lower, losing 0.2% on average. Winter 19 power dropped 1.0% to £57.8/MWh and summer 20 power decreased 1.2% to £48.5/MWh. Gas contracts experienced mixed movements this week. All near-term contracts posted significant losses, whilst the majority of seasonal contracts increased. Day-ahead gas dropped 18.3% to 30.5p/th, as lower demand amid warmer temperatures contributed to an oversupplied system. Month-ahead gas fell 7.6% to 30.8p/th and July 19 gas lost 8.3% to 31.3p/th. Seasonal contracts increased 1.1% on average. However, the winter 19 contract slipped 0.5% to 54.6p/th. Brent crude oil prices reversed last week’s losses, gaining 2.0% to average $71.7/bl. Prices were supported by increased concerns of potential conflict and supply disruptions in the Middle East, following a number of incidents in the region. EU ETS carbon prices dropped 2.8% to average €25.7/t.
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 |