See below for the latest weekly wholesale energy market movements that have happened in the last week.
Same story, new week. Even after a lengthy 3-day trading vacation due to the bank holiday, markets are remarkably calm. As the spread between these periods starts to get wider, we are beginning to see the pattern of the near curve discounting more than the Winter-23 period onwards.
However, that cannot be said for any other season, which has maintained or even increased in value in recent weeks. The Summer-23 period is at new fresh YTD lows.
EU gas storage is still quite pessimistic about energy prices. Over the weekend, replenishment levels reached 60%, and on the basis of current trends, Europe appears to be on track to reach full storage by September.
Temperatures in the UK are higher than they were last week, and the rest of May is now predicted to be at or near SNT, which should lead to a decline in demand.
Yesterday, Brent Crude fell below the $80 mark as a result of rising interest rates and weaker-than-expected economic data from China.
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
25/04/2023 | 98.00 | 112.00 |
26/04/2023 | 91.60 | 100.00 |
27/04/2023 | 91.50 | 93.50 |
28/04/2023 | 91.00 | 94.00 |
02/05/2023 | 88.50 | 92.00 |
| | |
7 day averages
Gas (pence per therm) 92.93
Electric (£ per MWh) 99.42
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