This week, wholesale power and gas, and commodity markets experienced mixed movements, with month-ahead gas contracts hitting 11-week lows as high LNG send-out is expected to continue into November with several cargoes contracted to 7 November. Both baseload and peak power contracts experienced mixed movements, with the majority of near-term contracts out to winter 19 falling. The day-ahead contract was the exception, rising as reduced wind output and lower temperatures tightened supply and demand fundamentals. Contracts further along the curve, beyond summer 20, rose week-on-week, following their gas counterparts higher. All gas contracts out to and including winter 19 fell this week. Day-ahead gas decreased 2.9% to end the week at 66.1p/th, following many LNG deliveries in the previous week and several cargoes contracted for next week. This is despite temperatures forecasted to fall below seasonal-normal levels and signals a healthy market. The weekly average Brent crude oil price fell for a third week, dropping 3.8% to average $77.3/bl, down from $80.4/bl the previous week. Oil prices dropped as Saudi Arabia has warned of oversupply in the market this year following the announcement that the nation would increase production to 11.0mn bpd. API 2 coal prices recovered from the previous two weeks of decline, rising 1.3% to average $97.7/t. EU ETS carbon prices slipped 0.5% to average €19.0/t, continuing to remain below €20.0/t throughout the week, with prices dropping as low as €18.3/t on 23 October.
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
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