Breaking the trend seen in the last two weeks, gas and power contracts in the GB market saw gains this week, as the Bank of England forecasted that the long-term impacts of the coronavirus pandemic might not be as bad as initially thought. The largest movement was seen in the day-ahead gas contract, which rose 47.3% to 19.15p/th following increases in gas-for-power demand forecasts. Day-ahead power fell 1.6% to £34.45/MWh, with strong wind generation over the first half of the week. September 20 gas was up 38.2% at 21.61p/th, and October 20 gas increased 26.3% to 23.85p/th. All seasonal gas contracts increased this week, up by 5.3% on average. Winter 20 and summer 21 gas increased 8.9% and 7.2% respectively, lifting to 34.28p/th and 30.25p/th. Seasonal power contracts gained 3.5% on average. Winter 20 and summer 21 power climbed 5.3% and 5.1% to £47.1/MWh and £41.0/MWh, respectively. Brent crude oil rose 2.0% to average $44.31/bl this week, reaching a near-five month midweek. The decision taken by OPEC+ countries in July to begin easing oil production began to take affect this week, with the oil market initially moving lower at the turn of the month.
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 |