All gas contracts rose this week, supported by a rise in oil prices and an increase in gas-for-power demand, the latter owing to a significant reduction in wind speeds this week. October 20 gas was up 4.6% to 29.16p/th, and November 20 gas increased 1.3% to 35.47p/th. Seasonal gas contracts out to summer 22 lifted 1.5% on average, with the winter 20 contract up 1.5% to 37.50p/th. Similarly, most power contracts rose, owing to an underlying rise in gas and commodity markets. Near-term power contracts saw additional support from very low wind speeds and high continental power prices, which caused a surge in day-ahead and within-day prices mid-week. Seasonal power contracts increased 1.0% on average, with winter 20 and summer 21 prices expanding 1.2% and 2.7% respectively, to £51.00/MWh and £44.25/MWh. The EU ETS carbon price rebounded upwards this week, boosting 7.2% to average €29.23/t, as the European Commission moved forwards on setting more stringent 2030 climate targets. Brent crude oil similarly rose by 1.1% to average $41.27/bl, amid OPEC encouraging its members to stick with their production quotas despite low prices.
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 |