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Energy Wholesale Market Review

Energy Wholesale Market Review Week Ending 19th February 2021

It has been a largely bearish week for gas and power contracts this week, with some exceptions on longer term seasonal power contracts. Day-ahead gas fell 4.9% to 43.75p/th, following the subsidence of Storm Darcy and the associated cold weather front, leaving much warmer temperatures across much of the UK, reducing gas demand. Day-ahead power rose 0.2% to £57.5/MWh, despite the warmer temperatures but supported by forecasts of notable declines in wind generation next week. March 21 gas was down 2.0% at 43.73p/th, and April 21 gas decreased 0.6% to 42.84p/th. All seasonal gas contracts declined this week, down by 0.8% on average, as summer 21 and winter 21 gas dropped 0.8% and 0.3% respectively, subsiding to 41.14p/th and 50.47p/th. Most seasonal power contracts declined this week, down on average by 0.6%. Summer 21 power decreased 1.1% to £51.87/MWh, while winter 21 lifted 0.3% to £59.76/MWh. Brent crude oil rose 4.7% to $63.65/bl this week. Brent crude broke 12-month highs again this week across multiple days. Prices across 15 and 16 February reached $63.26/bl. Prices broke their yearly high again on 17 February rising to $63.99/bl before climbing even higher to its years and weekly high of $64.47/bl on 18 February. EU ETS carbon prices grew this week, rising 1.4% to average €39.07/t. Prices achieved an all-time high again this week, reaching €40.21 on 16 February.

Energy Wholesale Market Review Week Ending 19th February 2021.

Written By Graham Paul

Graham Paul


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