The majority of power and gas contracts increased this week, with all underlying commodity prices also rising. Day-ahead gas jumped 13.2% to 80.90p/th, driven higher during the week by colder temperatures and restricted flows from Norway. Day-ahead power rose 8.3% to £88.00/MWh, following the gas market higher, with forecasts of weak wind output early next week providing futher support. Longer-dated gas contracts were pushed higher by ongoing concerns surrounding gas storage levels and a tight European gas market, with lower imports from Norway and a lack of LNG deliveries leading to additional withdrawals from storage sites. July 21 gas surged 12.0% to 78.82p/th and August 21 gas climbed 11.7% to 78.72p/th. Seasonal gas contracts rose 7.4% on average, with winter 21 gas gaining 10.2% to 85.51p/th. These price movements fed through to the power market with July 21 power rising 9.2% to £84.00/MWh and the winter 21 contract lifting 7.4% to £90.75/MWh. Brent crude oil gained 1.7% to average $74.85/bl this week, reaching $75.57/bl – its highest level since November 2018 – on 23 June. EU ETS carbon rose 4.2% to average €54.06/t, while UK ETS carbon lifted 1.8% to average £45.90/t.
Baseload electricity | ||
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Forward curve comparison | Annual April Contract | |
Peak electricity | ||
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Forward curve comparison | Annual April 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 |