The majority of wholesale power and gas contracts fell week-on-week, as above seasonal normal temperatures caused by winds from the Sahara, led to weaker demand for gas, whilst power prices were pressured by an uptick in wind generation. Amid the record-breaking temperatures, day-ahead gas dropped to a two-year low of 25.2p/th on 26 June, whilst winter 19 gas was 2.1% lower, ending the week at 49.8p/th, the first time the contract has been below 50p/th since April 2018. Most power contracts followed their gas counterparts lower despite a 5.9% increase in EU ETS carbon prices. The day-ahead contract was 5.0% lower at £36.1/MWh, a near one-month low. On average, seasonal baseload power contracts were up 0.7% week-on-week, with both summer 20 and winter 20 rising by 0.8% to end the week at £48.4/MWh and £56.1/MWh, respectively. Brent crude oil rose for a fourth consecutive week, up by 5.2% to average $65.7/bl, supported by expectations that OPEC will agree to extend current production cuts into H219 at its meeting on 1-2 July and optimism over US-China trade talks at the G20 summit in Japan. API 2 coal prices reversed recent downward movements, up 1.9% to average $64.3/t. EU ETS carbon prices recovered further last week, rising 5.9% to average €26.5/t. EUAs peaked at €27.5/t on 26 June, a fresh two-month high and approaching April’s 11-year high of €27.8/t.
Baseload electricity | ||
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Forward curve comparison
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Peak electricty | ||
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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 snaphot |