All gas and power contracts rose this week, with contracts continuing to hit new highs amid bullish market fundamentals, including fresh 10-year high carbon prices, and rising coal and oil prices. EU ETS carbon prices increased 4.9% to average €20.5/t. Prices hit a fresh 10-year high of €21.8/t on 27 August amid low auction levels caused by the bank holiday on Monday. Day-ahead gas prices gained 4.1% to 69.3p/th. The contract hit a fresh five-month high of 70.4p/th on 30 August. Gas prices rose at the start of the week amid expectations of cooler temperatures in the following days, and were further supported by unplanned outages at gas facilities in Norway. Day-ahead power prices rose 2.7% to end the week up at £67.0/MWh, continuing to find support from rising commodity prices. All seasonal gas and power contracts increased, also hitting new highs this week. Seasonal gas contracts gained 2.0% on average. Winter 18 gas increased 2.2% to 73.1p/th. Seasonal power contracts went up 2.8% on average, with winter 18 power up 2.7% to £70.7/MWh. Brent crude oil prices climbed, lifting 2.5% to average $75.5/bl. Prices started the week up at $76.7/bl, before rising to $77.4/bl on 30 August following news that 2.6mn barrels were withdrawn from US crude stocks. API 2 coal rose 1.8% to average $91.0/t last week. Coal hit a fresh five-year high on 29 August at $93.3/t.
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 |