Gas and power contracts saw mixed movements this week, with the price of nearer-term contracts falling as a result of continued low demand, whilst there were bullish signs for the majority of seasonal power contracts. Day-ahead gas fell 46.7% to a 14-year low of 6.85p/th as extremely low gas-for-power demand weighed on prices. Day-ahead power fell 0.9% to £21.50/MWh despite trading at £12/MWh on 21 May due to high wind generation forecasts. June 20 gas was down 32.5% at 8.53p/th, and July 20 gas decreased 32.0% to 8.82p/th. Most seasonal gas contracts declined last week, down by 1.1% on average, while both winter 20 and summer 21 gas dropped 7.8% and 3.0% respectively, subsiding to 30.10p/th and 28.77p/th. Contrastingly, the majority of seasonal power contracts rose this week, up on average by 1.2%, as winter 20 power decreased 1.5% to £41.03/MWh, while summer 21 expanded 0.6% to £37.07/MWh. Brent crude oil continued last week’s momentum to rise 15.5% last week, averaging $35.02/bl, despite falling slightly towards the end of the week. The gains made by oil prices this week have largely been attributed to the easing of lockdown restrictions across the globe resulting in a rise in demand. EU ETS carbon prices rose 8.9% this week as price gains from limited auction supply were extended by rising oil prices.
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 |