This week, the majority of wholesale power and gas prices fell, whilst commodities moved in the opposite direction. All gas contracts moved lower, with near-term contracts pressured by high LNG send-out and further arrivals of LNG cargoes. Week-on-week day-ahead gas lost 3.7% to 60.3p/th. Seasonal gas contracts decreased 0.7% on average with the biggest movements seen on the front season contracts. Summer 19 gas slipped 1.9% to 54.7p/th and winter 19 gas was 1.3% lower at 63.1p/th. Day-ahead power rose 6.9% to end the week at £64.7/MWh. High levels of wind generation weighed on the day-ahead contract for most of the week but forecasts of a significant drop in wind output on Monday saw the day-ahead price jump significantly on Friday. Most seasonal baseload power contracts decreased week-on-week. Summer 19 power lost 1.7% to £55.3/MWh and the winter 19 contract slipped 1.0% to £61.3/MWh. Brent crude oil prices increased 1.7% to average $61.3/bl last week, beginning to reverse recent losses. On Friday, OPEC and non-OPEC members agreed to cut oil production by 1.2mn bl/d from 2019. OPEC members will cut production by 800,000 bl/d, whilst the remaining 400,000 bl/d will be met by non-OPEC nations such as Russia. API 2 coal prices gained 2.0% to average $86.3/t, supported by increased European demand with the recovery of water levels on the Rhine river. EU ETS carbon prices lifted just 0.7% to average €20.0/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
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