All power contracts rose this week, supported by periods of notably low wind generation midweek, leading to tight supply margins. Higher gas prices also fed into power markets for much of the week. As a result, day-ahead power rose 14.8% to £51.1/MWh. In parallel, day-ahead gas rose 19.7% to 41.40p/th, supported by generally declining temperatures for much of the week, with temperatures projected to fall further still into next week. Consequently, December 20 gas was up 10.5% to 41.10p/th, and January 21 gas increased 9.0% to 41.67p/th. Similarly, all seasonal gas contracts increased this week, up by 2.6% on average. Summer 21 and winter 21 gas increased 5.0% and 3.7% respectively, lifting to 33.20p/th and 42.00p/th. Brent crude oil climbed for the third consecutive week, lifting a further 7.3% from the week prior to average $47.28/bl, reaching an eight-month high of $48.11/bl on 25 November. Oil prices continued to rally on ongoing COVID-19 vaccination developments, easing market uncertainty which has generally acted to dampen Brent crude prices in weeks prior. Further support was leant to prices during the week from OPEC and allies including Russia looking to extend the duration of their production cuts when they meet next week, to offset weak demand over the winter months. EU ETS carbon climbed for the third consecutive week, rising 2.5% to average €27.65/t this week. Prices reached a two-month high of €27.79/t on 26 November, supported by strong auction results.
Baseload electricity | ||
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Forward curve comparison | Annual April Contract | |
Peak electricity | ||
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Forward curve comparison
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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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