Power and gas contracts continued their recent bullish run this week, with record highs observed across both day-ahead contracts. Day-ahead gas leapt 21.0% to 97.85p/th, the contracts highest price since March 2018. Near-term gas prices have been supported by high gas-for-power demand, coupled with curtailed Norwegian supplies and low gas storage levels. Longer dated gas contracts have been supported by unseasonably low gas storage levels across Europe, along with high LNG prices amid strong Asian demand. August 21 gas was up 12.3% at 88.41p/th, and September 21 gas increased 10.6% to 88.85p/th. All seasonal gas contracts boosted last week, up by 4.6% on average. These price movements fed through to the power market with the day-ahead power price up 5.1% to £92.50/MWh, rising to a four-month high in the week. EU ETS carbon rose 4.5% to average €56.48/t, reaching an all-time high on Thursday. Elsewhere, UK ETS carbon rose 2.7% to average £47.12/t, while Brent crude oil gained 0.4% to average $75.13/bl this week.
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 |