It has been a relatively mixed week in terms of pricing fundamentals for both gas and power markets. Most seasonal contracts saw price rises, while short-term and day-ahead contracts declined. Day-ahead gas fell 9.7% to 53.25p/th, with a period of warmer weather at the start of the week coupled with system oversupply. Similarly, day-ahead power lost 13.3% to £62.00/MWh, following strong wind generation at the week’s start. March 21 gas was up 3.5% at 49.20p/th, and April 21 gas decreased 1.9% to 45.81p/th. Most seasonal gas contracts increased this week, up by 1.1% on average. Summer 21 gas dropped 0.9% to 43.17p/th, while winter 21 gas increased 0.9% to 52.13p/th. All seasonal power contracts climbed this week, up on average by 2.7%. Summer 21 and winter 21 power lifted 1.9% and 3.7% respectively, rising to £53.49/MWh and £60.81/MWh. Brent crude oil rose again this week, up 3.3% to $57.76/bl. The market responded well to major crude producers demonstrating they were keeping in line with their output commitments, as a mechanism to combat market oversupply. Similarly, oil prices continue to benefit from extended supply cut pledges from Saudi Arabia for February and March, to combat fears of a lack of demand and market oversupply. EU ETS carbon prices rose 5.9% to average €35.46/t. Impending cold weather forecast across much of Europe and the UK will likely offer some support to prices.
Baseload electricity | ||
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Forward curve comparison | Annual April Contract | |
Peak electricity | ||
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Forward curve comparison
| Annual April contract
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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 |