On balance, the picture for gas and power prices this week was predominately mixed, but slightly favouring a more bearish outlook. Whilst a significant amount of contracts across gas and power markets fell this week, prices generally remain at significant highs, achieving record highs in the week also. Day-ahead gas fell 6.1% to 103.25p/th, in what transpired as a relatively volatile week for gas prices. Prices exceeded three-year highs across three separate days during the week, predominately buoyed by higher gas-for-power demand. Friday-on-Friday prices ultimately fell with the announcement from Gazprom that they could pump 5.6bcm of gas via Nord Stream 2, with flows expected by the end of this year. Day-ahead power rose 1.9% to £107/MWh, taking direction from bullish price movements on near-term gas contracts, particularly at the mid-points of the week. A three-year high was also achieved on 18 August at £128.00/MWh. September 21 gas was down 9.0% at 102.96p/th, and October 21 gas decreased 8.1% to 106.04p/th. Most seasonal gas contracts declined this week, down by 3.1% on average, while both winter 21 and summer 22 gas dropped 7.5% and 4.3% respectively, subsiding to 107.17p/th and 68.79p/th. The majority of seasonal power contracts fell this week, down on average by 2.2%, as winter 21 power decreased 5.1% to £107.50/MWh, while summer 22 fell 3.8% to £75.25/MWh.
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 |