All near-term (up to and including summer 19) power and gas contracts fell this week as gas supplies are forecast to remain comfortable as we move into summer, whilst several LNG tankers are scheduled to arrive in the first week of April. All near-term baseload power contracts, up to and including summer 19, fell week-on-week. Day-ahead power was down 4.5% to end the week at £42.0/MWh, a fresh 18-month low. Nearly all seasonal power contracts rose, gaining 1.4% on average. Summer 19 power was the exception, down 1.8% to £42.8/MWh, a near one-year low. Day-ahead gas dropped 4.3% to end the week at a 35.3p/th, a fresh 20-month low despite forecasts of cooler temperatures early next week. Most seasonal gas contracts rose, up 0.9% on average. Summer 19 gas was the exception, dropping 3.7% to 35.5p/th, the lowest since June 2016. Brent crude oil prices averaged $67.5/bl this week, relatively unchanged from the previous week. Rising US production continues to be offset by concerns of a tightening market amid OPEC+ production cuts, as pressure from the US-China trade war and worries of slowing economic growth are also not enough to cap gains. EU ETS carbon prices lifted slightly, up 1.5% to average €21.6/t. Within-day carbon prices rose above €22.3/t at the end of the week, a two-week high. API 2 coal prices went up for the first time in four weeks, rising 0.6% to average $73.9/t. Within-day prices rose to a two-week high of $75.3/t in the middle of the week but ended at a seven-week low of $72.0/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 |