Headlines
It was a largely bullish week again for GB gas and power markets this week, building on recent upward drivers. Subsequently, day-ahead gas rose 3.1% to 90.00p/th, rebounding from losses in the week prior, driven by the continued low levels of gas in storage and reduced North Sea pipeline flows in the week . Day-ahead power rose 4.1% to £96.00/MWh, buoyed by higher gas prices and low wind output. August 21 gas was up 2.5% at 88.97p/th, and September 21 gas increased 3.1% to 90.65p/th. Most seasonal gas contracts boosted this week, up by 0.5% on average, with winter 21 and summer 22 gas rising 1.5% and 0.4% respectively, lifting to 93.60p/th and 56.00p/th. Seasonal power contracts saw similar movements, up on average by 0.1%, as winter 21 and summer 22 expanded 0.2% and 0.4% respectively, growing to £95.00/MWh and £63.00/MWh. Brent crude oil fell 4.5% to average $71.47/bl this week. A significant driving force of downward movements this week for Brent crude prices can be attributed to the outcome of recent OPEC+ discussions. The discussions concluded with members agreeing to boost production in August. It was a third consecutive week of bearish price movements across both UK and European carbon markets. The EU ETS fell 1.6% to €51.99/t, with the UK ETS falling 0.8% to £43.30/t. Whilst prices across both the UK and EU ETS dropped, prices are still high by comparison to prices earlier this year.
| Baseload electricity | | |
- Day-ahead power rose 4.1% to £96.00/MWh, following gas price movements on the near curve and buoyed by the continuation of lower wind output in part.
- August 21 power climbed 0.7% at £89.35/MWh and September 21 power increased 0.9% to £90.65/MWh.
| | - Q421 power was unchanged at £95.75/MWh.
- The annual October 21 contract rose 0.3% to £79/MWh, 70.6% higher than the same time last year (£46.3/MWh).
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Forward curve comparison 
| | Annual April Contract 
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| Peak electricity | | |
- Day-ahead peak power was up 4.4% to £103.00/MWh, following its baseload counterpart upwards.
- August 21 peak power gained 0.2% at £89/MWh, and September 21 peak power increased 3.8% to £97.2/MWh.
| | - The annual October 21 peak power lost 3.5% to £83.5/MWh.
- This is 59.7% lower than the same time last year (52.28/MWh).
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Forward curve comparison 
| | Annual April contract 
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| Seasonal power prices | | |
Seasonal baseload power contracts 
| | Seasonal baseload power curve 
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- Most seasonal power contracts saw slight gains this week, up on average by 0.1%.
- Winter 21 and summer 22 expanded 0.2% and 0.4% respectively, rising to £95.00/MWh and £63.00/MWh.
| | - The majority of seasonal peak power contracts declined this week, down 1.7% on average.
- Winter 21 gas increased 1.1% to £105.00/MWh, while summer 22 peak power dropped 10.4% to £62.00/MWh.
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| Commodity price movements | | |
Oil and Coal 
| | Carbon 
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- Brent crude oil fell 4.5% to average $71.47/bl this week.
- A combination of bearish factors contributed to the price losses in Brent crude oil across this week.
- A significant driving force of downward movements this week for Brent crude prices can be attributed to the outcome of recent OPEC+ discussions. The discussions concluded with members agreeing to boost production in August, something which had previously been avoided to prevent market oversupply in an uncertain landscape amid on-going demand recovery concerns from coronavirus.
- Sustained losses were capped by projections of tighter supply for the remainder of 2021.
| | - It was a third consecutive week of bearish price movements across both UK and European carbon markets. The EU ETS fell 1.6% to €51.99/t, with the UK ETS falling 0.8% to £43.30/t.
- Whilst prices across both the UK and EU ETS declined, prices are still high by comparison to prices earlier this year.
- Prices this week took direction from wider commodity markets.
- Lowering gas prices, weaker Brent crude prices and expectations of increased wind generation in parts of North-West Europe dampening demand for fossil fuel generation.
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Wholesale price snapshot 
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