This morning, the Electric wholesale (Day Ahead) prices have opened up 44.14% lower than this time last week with Gas (Day Ahead) 33.33% lower.
Gas & Power
According to reports from EDF, negotiations over the French nuclear strikes are nearly complete, with a final session of talks taking place today and a resolution in sight. Gas and electricity prices in Europe fell across the curve, giving up some of the gains made on Thursday as weather predictions continued to be updated in favour of a milder start to November. With moderate temperatures and robust wind generation anticipated over the upcoming few days, day-ahead rates have once again decreased. China's coal production surged to record daily average levels in September, a rise of 12.3% over the previous year, when mines reopened after significant rain.
Oil & Markets
As Japanese market intervention failed to support the yen, and as Chinese markets declined owing to dismal sales data, Asian markets remained weak. Due to Boris Johnson's withdrawal from the UK's Conservative party leadership campaign, Rishi Sunak now has a far better chance of winning. Although this news originally caused sterling to rise before sliding back to trade sideways, sterling has largely been unmoved by it. On Friday, oil prices rose 1% to $93.5 a barrel, on expectations of increased Chinese demand.
Price drops below $92 a barrel this morning are the outcome of news that their demand decreased by 2% in September.
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
17/10/2022 | 75.00 | 145.00 |
18/10/2022 | 29.00 | 64.00 |
19/10/2022 | 59.00 | 92.50 |
20/10/2022 | 114.50 | 90.50 |
21/10/2022 | 69.00 | 96.00 |
24/10/2022 | 50.00 | 81.00 |
7 day averages
Electric (£ per MWh) 94.83
Gas (pence per therm) 66.08
The below shows how the market compares to the previous week, month and year.
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