Energy Wholesale Market Review
Energy Wholesale Market Review Week Ending 30th January 2015
Seasonal gas contracts reversed recent bearish trends this week despite a continued weak outlook in the commodity market. Long-term gas contracts were up across the board, with the annual April 15 gas contract gaining 2.1% this week to 46.0p/th. Its baseload power counterpart followed higher, increasing 0.2% to £43.9/MWh this week despite further falls in coal prices. Short-term contracts reversed last week’s falls, as supply issues in Norway and an unplanned nuclear outage at Heysham forced prices higher. Day-ahead gas climbed 6.1% to 47.8p/th and day-ahead power gained 12.4% to £42.7/MWh. In commodities, API 2 coal prices continued on a downward trend this week, averaging $58.9/t over the week, a fall of 0.1%. Brent crude oil prices lost 0.5% this week to $48.57/bl and are on track for seventh consecutive monthly decline. The falls were influenced by record US stockpiles, emphasising the continued global supply glut.
Energy Wholesale Market Review Week Ending 30th January 2015.
Energy Wholesale Market Review Week Ending 23rd January 2015
Seasonal power and gas contracts hit record lows this week as further weaknesses in commodity markets pulled contracts lower. Long-term gas contracts were down across the board, with the annual April 15 gas contract falling 0.8% this week to 45.1p/th, its lowest recorded level. Its baseload power counterpart followed lower, dropping 0.2% to a record low of £43.8/MWh this week as further falls in coal prices continued to influence. Short-term contracts reversed last week’s gains, as issues at Norwegian gas fields were resolved. Day-ahead gas dipped 5.3% to 45.0p/th with storage levels falling to 65.8%. In commodities, API 2 coal prices continued on downward trends this week, averaging $58.9/t over the week, a fall of 2.6%. Brent crude oil prices posted weekly gains for the first time in five weeks, climbing 2.9% to average $48.8/bl. EU ETS carbon prices gained 2.7% this week to average €7.2/t despite a European Parliament committee rejecting early carbon market reforms.
Energy Wholesale Market Review Week Ending 23rd January 2015.
Energy Wholesale Market Review Week Ending 16th January 2015
Seasonal power and gas contracts hit record lows this week as further weaknesses in commodity markets pulled contracts lower. Long-term gas contracts were down across the board, with the annual April 15 gas contract falling 1.7% this week to 45.8p/th, its lowest recorded level. Its baseload power counterpart followed lower, dropping 2.0% to a record low of £43.9/MWh as weak coal prices continued to influence. Short-term contracts climbed, as outages at all major Norwegian gas fields affected supply. Day-ahead gas gained 3.0% to 47.50p/th as storage levels reduced to 76%. In commodities, coal prices continued on downward trends this week, averaging $60.5/t over the week, a fall of 2.2%. Brent crude oil prices dropped a further 8.6% this week to average $47.5/bl, as production levels remained high despite a global supply glut. Prices began to pick up again at the end of the week, up to $49.5/bl on Friday. EU ETS carbon prices gained 2.3% to average €7.0/t.
Energy Wholesale Market Review Week Ending 16th January 2015.
Energy Wholesale Market Review Week Ending 9th January 2015
Seasonal power and gas contracts hit fresh record lows this week as warm temperatures and further weakening in commodity markets pulled contracts lower. Gas contracts were down across the board, with the annual April 15 gas contract falling 4.1% this week to 48.6p/th, its lowest recorded level. Its power counterpart followed lower, dropping 4.2% to £44.8/MWh. Short-term contracts also fell, with a strong supply picture and low demand pulling day-ahead gas down 4.2% to 45.5p/th. In commodities, coal prices continued on downward trends this week, tumbling to fresh four-year lows of $59.0/t a drop of 7.7%. Brent crude oil prices dropped further this week to average $51.9/bl, as production levels remained high despite a global supply glut. The contract breached the psychological barrier of $50/bl on Wednesday to hit five-and-a-half-year lows. EU ETS carbon prices fell 5.5% this week to average €6.9/t as the EU carbon auctions resumed.
Energy Wholesale Market Review Week Ending 9th January 2015.
Energy Wholesale Market Review Week Ending 2nd January 2015
Seasonal power and gas contracts hit record lows this week as a strong supply picture and further weakening in commodity markets pulled contracts lower. Gas contracts were down across the board, with summer 15 gas down 9.1% to a new low of 45.2p/th. Its power counterpart followed lower dropping 5.5% to £44.5/MWh, also a record low. The fall influenced the annual April 15 contract which hit £48.6/MWh, a 7.9% reduction on last week. Most short-term contracts also fell, with returning gas supplies and LNG deliveries pulling day-ahead gas down 12.5% to 47.4p/th. In commodities, coal prices continued on downward trends this week, tumbling to a four-year low of $65.5/t as contracts continued to factor in lower oil prices. Brent crude oil itself was down 5.1% this week, as high production levels continued in the US and OPEC nations. The contract hit a new five-year low on Wednesday, at $56.4/bl. EU ETS carbon prices dropped 0.5% from levels a week earlier, averaging €7.3/t.
Energy Wholesale Market Review Week Ending 2nd January 2015.
Written By Graham Paul
