Near-term power and gas contracts continued lower this week, whilst seasonal contracts recovered from the previous week’s decline. Week-on-week, day-ahead gas prices dropped 4.3% to 70.1p/th, as the gas system was oversupplied following a pickup in Norwegian flows to the UK. Day-ahead power followed its gas counterpart lower, down 1.3% to end the week at £66.3/MWh. All seasonal gas and power contracts increased week-on-week. Seasonal gas contracts increased 3.9% on average with summer and winter 19 up 3.7% and 3.6% to 65.1p/th and 73.1p/th, respectively. Seasonal power contracts were up 3.8% on average, with summer 19 rising 3.1% to £62.0/MWh, despite starting the week at a four-week low of £56.6/MWh. Brent crude oil prices rose for the seventh consecutive week, gaining 3.8% to average $84.7/bl. Oil hit a fresh four-year high of $86.1/bl on 4 October as the upcoming US sanctions on Iran drive supply uncertainty in the market. API 2 coal rose 1.8% to average $99.4/t this week, hitting a five-year high of $100.2/t on 3 September. Winter restocking in Asia continue to sustain prices at current levels, with reports of falling coal inventories in India expected to support demand in the region. EU ETS carbon prices remained unchanged week-on-week, continuing to average €21.1/t with 23.8mn EUAs auctioned across Europe.
Baseload electricity | ||
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Forward curve comparison | Annual October Contract | |
Peak electricity | ||
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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 snapshot |