Energy Wholesale Market Review
Energy Wholesale Market Review Week Ending 29th April 2016
Day-ahead gas was unchanged at 30.4p/th this week, despite a rise in demand as well as a rise in oil prices. Winter 16 gas lifted 3.2% to 35.8p/th, following oil prices higher. Day-ahead power fell 7.1% to £31.5/MWh as forecast demand dropped. Winter 16 power followed its gas counterpart higher, up 2.1% to £39.7/MWh. Brent crude oil continued to rise, gaining 8.9% to reach a new five-month high of $48.4/bl, as a weakened US dollar and falling non-OPEC production continued to support prices. API 2 coal also experienced gains this week, improving 3.4% to $46.8/t. Coal markets remain oversupplied, but tightening supplies are forecast after a series of high profile bankruptcies has led to a number of mine closures. EU ETS carbon moved 10.9% higher this week to €6.3/t after Europe’s highest court ordered a recalculation of free ETS allocations to 2020.
Written By Graham PaulGraham Paul