This week, wholesale power and gas, and commodity markets experienced downwards movements, with day-ahead gas and power contracts both hitting 11-week lows. Continued high LNG send-out, milder weather and falling commodity prices have pressured prices lower across the curve. All baseload power contracts fell this week, with day-ahead baseload power down 8.7% to an 11-week low of £60.9/MWh. Power prices have fallen amid higher wind generation and healthier supplies as nuclear generation capacity returns. Seasonal contracts were down 3.6% on average, with summer 19 falling to a 10-week low of £54.2/MWh. All gas contracts fell, with day-ahead gas decreasing 6.9% to end the week at an 11-week low of 61.5p/th. The decline follows several LNG deliveries in the previous weeks and further cargoes contracted for next week. Milder temperatures are forecast into the middle of the month which should ease gas demand for heating. The weekly average Brent crude oil price fell for a fourth consecutive week, dropping 2.2% to average $75.6/bl. Oil prices dropped to a two-month low of $72.5/bl on 2 November, as the US government granted waivers ahead of sanctions on Iran. API 2 coal prices curtailed, dropping 3.7% to average $94.1/t, prices ended the week at $92.5/t, a one-month low. EU ETS carbon prices slipped 14.2% to average €16.3/t. Prices dropped to a four-month low of €15.2/t on 1 November, following the release of the Autumn Budget earlier in the week.
Baseload electricity | ||
|
| |
Forward curve comparison | Annual April Contract | |
Peak electricity | ||
|
| |
Forward curve comparison | Annual October Contract | |
Seasonal power prices | ||
Seasonal baseload power contracts | Seasonal baseload power curve | |
|
| |
Commodity price movements | ||
Oil and Coal | Carbon | |
|
| |
Wholesale price snapshot
|