It was a relatively mixed week for pricing fundamentals across gas and power markets this week, with competing bullish and bearish trends observed. Day-ahead gas fell 7.5% to 90.50p/th, but still remained significantly higher than expected for this time of year in what was quite a volatile week for gas prices. Periods of system oversupply, weaker demand and higher UK domestic production weighed on prices. Alternatively, day-ahead power rose 4.9% to £97.0/MWh, continuing its recent bullish run, supported by weak wind output and reduce nuclear availability. August 21 gas was up 0.5% at 88.81p/th, and September 21 gas increased 1.4% to 90.11p/th. Most seasonal gas contracts boosted this week, up by 0.9% on average. Similarly, the majority of seasonal power contracts rose this week, up on average by 0.2%. Brent crude oil crept up 0.4% to average $75.46/bl this week. Prices reached a fresh two-year high of $77.32/bl on 6 July. Prices this week primarily followed the direction of OPEC+ supply strategy talks. At the week’s start, prices were supported by optimism surrounding the proposed supply strategy for the coming months but later subsided as the week progressed with confidence in these meetings lessened. EU ETS carbon prices fell 2.4% to average €55.11/t. Similarly, UK ETS carbon fell 3.2% to average £45.62/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 |