The majority of wholesale power and gas contracts were lower week-on-week, as a comfortable gas supply outlook and a fall in Brent crude oil prices pushed contracts lower. Forecasts of temperatures well below seasonal normal levels early in May supported day-ahead gas prices, however, this did not feed into day-ahead power prices which followed EU ETS carbon prices down. Day-ahead power was down 2.6% to end the week at £42.9/MWh, although the contract rose as high as £45.3/MWh in the middle of the week as wind output was low. Seasonal power contracts were 5.7% lower on average. Winter 19 and 20 contracts fell 5.6% and 5.7% to £56.7/MWh and £55.6/MWh respectively. Nearly all gas contracts fell last week, with only day-ahead and July 19 gas rising. Week-on-week, day-ahead gas increased 3.4% to 34.9p/th. Despite the gas system being oversupplied, forecasts of cooler temperatures early in May supported prices throughout the week. All seasonal contracts fell week-on-week, down 6.8% on average, following a fall in oil prices. Brent crude oil prices fell for the first time in eight weeks, dropping 3.7% to average $71.5/bl. Oil prices fell following news that total US crude production ended April at a record high of 12.3mn bpd, causing prices to fall below $70/bl on 2 May, a one-month low. API 2 coal prices fell 3.6% to average $70.1/t, dropping as low as $69.7/t on 2 May, also a one-month low. EU ETS carbon prices reversed recent gains, falling 5.3% to average €25.7/t last week as the compliance period on 30 April ended.
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 |