Most power and gas contracts fell again this week as lockdown measures continued to stifle both power and gas demand. Day-ahead gas fell 17.3% to 11.25p/th, with higher LNG send-out pressuring prices amid an oversupplied as market. Despite falling to a record low of £10.00/MWh early this week, day-ahead power opposed gas and ended the week up 15.1% at £25.60/MWh, due to forecasts of lower wind output early next week. May 20 gas was down 15.1% at 13.03p/th and June 20 gas decreased 15.2% to 13.73p/th. All seasonal gas contracts declined this week, down by 4.6% on average, while both winter 20 and summer 21 gas dropping 4.9% and 5.7% respectively, to 32.04p/th and 28.81p/th. All seasonal power contracts declined this week, down on average by 2.0%, as winter 20 power decreased 1.7% to £41.03/MWh, while summer 21 fell 2.2% to £36.39/MWh. Brent crude oil prices crashed again this week as WTI prices turned negative, sending the market into unknown territory. Brent crude prices lost 24.8% to average $21.89/bl, but on 22 April slid to a 21-year low under $16/bl. Prices stabilised late in the week as oil producers pledged to further output cuts. API 2 coal saw small losses last week, falling 1.1% to average $54.10/t, despite demand in China slowly regaining following the easing of lockdown restrictions. Whilst EU ETS carbon prices were impacted by oil price movements, they ultimately rose 2.4% to average €20.59/t. Carbon prices were supported by reduced nuclear power in France by EDF – resulting in a rise in fossil fuel imports and a greater demand for EUA’s.
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 |