The majority of baseload power and gas contracts fell this week, with winter 19 power dropping to £52.1/MWh, the lowest since 4 May 2018, while winter 19 gas ended the week at 46.8p/th, the lowest since 2 August 2017. However, day-ahead power and gas contracts rose, with the former up 14.8% to end the week at £41.0/MWh, mirroring its gas counterpart which gained 7.3% to 29.3p/th. Day-ahead gas was supported by the extension of the unplanned outage at Culzean until 24 August, while the start of maintenance at Norwegian gas fields over the bank holiday weekend added further support. September and October 19 gas contracts both fell, down 4.4% and 9.5% to 30.3p/th and 32.1p/th respectively. Forecasts of above normal level temperatures in September have pressured the month-ahead gas contract, offsetting concerns of tighter supplies following maintenance in Norway. September and October 19 power contracts were 3.8% and 6.1% lower at £40.9/MWh and £41.8/MWh respectively. Brent crude oil found support from another decline in US crude stocks and rose 1.7% to average $59.9/bl, while API 2 coal and EU ETS carbon fell to two-month lows of $63.5/t and €25.3/t respectively. Ongoing uncertainty around Brexit, and speculation that a no-deal is increasingly likely, has been a key bearish price driver for carbon this month.
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 |