14/11/2022 - Weekly Wholesale Market Update

This morning, the Electric wholesale (Day Ahead) prices have opened up 27.38% higher than this time last week with Gas (Day Ahead) 16.67% lower.

Oil and Gas Markets

As China's health officials relaxed some of the significant Covid-19 restrictions placed on the nation, Brent crude oil prices ended the day up 2% at $96 per barrel on expectations of more economic activity and greater demand. Following signs that lower inflation may result in less aggressive interest rate increases both in the US and elsewhere, as well as the easing of Chinese restrictions, global markets rose on Friday. According to official figures, Britain's GDP contracted in Q3, which is thought to be the beginning of a lengthy downturn for the country. The British administration has made it clear that austerity measures would probably be put into place.

Gas & Power

The bearish fundamentals remained solid, and the European gas and power markets kept falling. With no present indication of a cold snap in either November or December, mild temperatures are still predicted for most of Europe. Although Covid-19 limitations are lessening, LNG shipments to Europe are still arriving in huge volumes, suggesting that Chinese demand may increase. A negative combination continues to be fueled by high gas storage levels and robust wind generation. While TTF decreased to €69/MWh, NBP day-ahead gas prices reduced to 89p/th. 4% more carbon was traded on EU markets, at €76, as gas prices declined.

How the market has opened each day:

7 day averages

Electric (£ per MWh) 115.01

Gas (pence per therm) 91.18

The below shows how the market compares to the previous week, month and year.

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