Most gas contracts rose this week, supported by a second consecutive weekly rise in oil prices and an increase in gas-for-power demand, the latter owing to a steady reduction in temperature throughout the week. October 20 gas lifted 5.9% to 30.87p/th, and November 20 gas increased 1.7% to 36.06p/th. Seasonal gas contracts differed to their short term counterparts, predominately falling – by an average of 0.8%. Summer 21 gas dropped 0.5% to 33.18p/th. Conversely, most power contracts fell, attributed to strong wind generation throughout the week, up on the lows experienced in the previous week. Near-term power contracts also struggled to find much support, with the October 20 power slipping 0.3% at £42.75/MWh, and November 20 power declining 1.6% to £52.13/MWh. Most seasonal power contracts declined this week, down on average by 1.2%. Winter 20 power decreased 0.8% to £50.57/MWh, while summer 21 fell 2.5% to £43.16/MWh. The EU ETS carbon price flipped downwards this week, declining 8.0% to average €26.90/t, with weak demand as a result of the on-going pandemic coupled with an increased supply of EUA’s weighing on prices significantly. Brent crude oil rose by 1.5% to average $41.89/bl, finding support from market sentiment with global consumption returning to pre-COVID levels, despite news of the fresh coronavirus restrictions.
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
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Wholesale price snapshot |