News of constructive talks between Ukraine and Russia regarding the extension of their gas transit contract and EDF’s announcement that French nuclear reactors are not expected to be shutdown to address safety issues helped reduce gas and power supply concerns and weighed on prices. Day-ahead gas fell 21.6% to 24.0p/th, month-ahead gas lost 15.4% to 32.6p/th and winter 19 gas dropped 2.8% to 48.8p/th. Day-ahead power followed its gas counterpart downwards, down 8.5% to £38.3/MWh, October 19 power lost 9.9% to £42.4/MWh and the winter 19 contract declined 2.6% to £54.1/MWh. Brent crude oil grew 6.3% to average $65.5/bl, prices rose significantly early in the week following drone strikes on Saudi Arabian oil infrastructure which knocked out approximately 5.7mn bl/d of production, equivalent to ~5% of total global output. API 2 coal climbed 3.7% to $70.0/t, with the continuation of strong demand in India to replenish historically low coal stocks helping to push prices higher. EU ETS carbon gained 0.5% to average €26.2/t. Early in the week carbon prices followed oil prices higher, before easing in the second half of the week amid reduced concerns of French nuclear shutdowns.
Baseload electricity | ||
|
| |
Forward curve comparison
| Annual October 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 snaphot |