All wholesale gas contracts fell week-on-week, as the return of gas flows from Norway boosted supplies and weaker demand was expected amid forecasts of warmer weather over Easter weekend. Day-ahead gas dropped 10.6% to 35.3p/th. The contract ended the week 31.9% lower than the same time last year when it was 51.8p/th. All seasonal contracts decreased week-on-week, falling 0.8% on average, with winter 19 gas slipping 0.9% to 57.8p/th. Nearly all baseload power contracts followed their gas counterparts, with the exception of winter 20. Day-ahead power reversed the previous week’s gains, dropping 3.3% to end the week at £44.3/MWh. Seasonal power contracts fell 0.6% on average. The winter 19 power contract fell 0.6% at £60.4/MWh, but was up 13.0% from the same time last month (£45.2/MWh). Baseload power contracts fell despite further recovery in EU ETS carbon prices, which rose to a near 11-year high of €27.8/t, as total auction volumes halved this week from the previous week. Brent crude oil prices rose 0.9% to average $71.8/bl this week and ranged between $70.8/bl and $72.3/bl, a five-month high. Support continued to come from concerns of a tighter oil market amid OPEC+ production cuts, US sanctions on Iran and Venezuela, and unrest in Libya. API 2 coal prices averaged $74.8/t this week, unchanged from the previous week. Coal prices started the week at $76.0/t but dropped as low as $73.8/t on 16 April as low gas prices in Europe continued to drive coal-fired power plants out of the generation mix.
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 |