This week, wholesale power and gas prices rose, whilst Brent crude oil and API 2 coal experienced downwards movements. Despite day-ahead gas and power contracts hitting 12 and 14-week lows respectively, prices have been influenced by recovering EU ETS carbon prices and forecasts of below seasonal normal temperatures moving into December. All baseload power contracts along the curve rose this week with day-ahead power up 0.6% to £61.3/MWh. This was despite the contract falling to a 14-week low of £56.9/MWh on 6 November as higher wind generation was expected the following day. Power prices have followed gas prices higher week-on-week, with seasonal power contracts up 2.0% on average. Despite further LNG tankers arriving at UK terminals, day-ahead gas gained 2.2% to end the week at 62.9p/th. Prices had started the week at a 12-week low of 59.8p/th amid warmer temperatures but rose following an unplanned outage at Kollsnes gas plant on 8 November. The weekly average Brent crude oil price fell 4.6% to $72.1/bl, as oil prices dropped to a six-month low of $69.2/bl on 9 November. Recent concerns of a tight market have turned to worries of oversupply in 2019, and pressured prices. API 2 coal prices dropped 4.0% to average $90.3/t, as prices ended the week at $88.5/t, a 12-week low. EU ETS carbon prices went up 11.4% to average €18.2/t. Prices reached $19.9/t on 9 November, with the upcoming Market Stability Reserve in January 2019 expected to provide further support this year.
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 |