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Energy Wholesale Market Review

Energy Wholesale Market Review Week Ending 15th February 2019

All wholesale gas and power contracts fell this week. Prices continue to be pressured by milder temperatures, lower demand and comfortable gas supplies. This fall was despite a recovery in Brent crude oil prices which went above $65/bl for the first time since November 2018. All baseload power contracts fell week-on-week, following their gas counterparts lower. Day-ahead power was down 9.8% to end the week at £48.5/MWh, a fresh eight-month low. Seasonal power contracts decreased 3.1% on average, with summer 19 power declining 4.7% to £49.2/MWh. The contract hit a fresh eight-month low of £48.8/MWh on 13 February. All gas contracts fell amid an oversupplied gas system following the arrival of several LNG tankers, comfortable flows from Norway and milder temperatures. Day-ahead gas dropped 5.0% to end the week at 46.8p/th, the lowest since 31 October 2017. Seasonal gas contracts fell 1.0% on average, as summer 19 gas fell 2.6% to 45.9p/th, a fresh nine-month low. Brent crude oil rose for the second consecutive week, gaining 1.8% to average $63.4/bl. Within-day oil prices rose above $65.0/bl on 15 February, the first time since 20 November 2018. EU ETS carbon prices fell 9.6% to average €21.0/t. Carbon prices have been pressured by weak EU economic data, whilst warmer temperatures and falling gas prices have reduced demand for buying EUAs. API 2 coal prices dropped 5.5% to average $76.0/t. API 2 coal prices dropped to a 21-month low of $71.3/t on 11 February, amid forecasts of warm temperatures for the rest of February in NW Europe.

Electricity Retail - Energy Wholesale Market Review 15.02.2019

Energy Wholesale Market Review Week Ending 15th February 2019

Written By Graham Paul

Graham Paul


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