Last week was largely bullish GB for gas and power markets, with some exceptions in longer-dated contracts across gas and power. Day-ahead gas rose 9.7% to 51.00p/th, supported by gradually declining temperatures as the week progressed and delayed LNG tanker arrivals into GB. Similarly, day-ahead power jumped 19.4% to £57.00/MWh, following the gas curve higher and benefitting from periods of reduced wind generation throughout the week. Most seasonal gas contracts increased last week, up by 0.3% on average, as winter 21 and summer 22 gas climbed 1.1% and 0.2% respectively, lifting to 55.08p/th and 41.48p/th. Most seasonal power contracts gained last week, up on average by 1.4%, Winter 21 and summer 22 power moved 0.9% and 0.2% higher to £65.50/MWh and £50.10/MWh, respectively. Brent crude oil prices rose 1.4% to average $64.00/bl, last week. Disruption on the Suez Canal continued to support prices last week, with tankers continuing to be diverted away from their usual shipping routes. However, the disruption was cleared mid-week, capping any further price rises as a result. EU ETS carbon prices lifted 0.8% to average €41.64/t. Gains on the Brent crude market fed through to carbon prices last week, and are still relatively high when compared to recent months. Similarly, cooler weather forecasts for across parts of Europe next week will support prices.
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 |