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Energy Market Review 21st August
Several power and gas contracts hit new highs last week along with API 2 coal prices.
• All near-term gas contracts increased last week. Week-on-week, the day-ahead contract rose 2.9% to a fresh five-month high of 44.0p/th, amid restricted flows caused by ongoing maintenance in Norway and the UKCS. On Friday, the month-ahead gas contract rose to 43.98p/th, the highest price on our records for the contract. Near-term prices were generally supported by concerns about the reliability of supply with extensions to Norwegian outages, sparse LNG arrivals and storage site issues. Most seasonal gas contracts experienced losses last week. Summer 18 gas slipped 0.5% to 41.2p/th. On Thursday, winter 17 gas reached a five-month high of 48.23p/th.
• Brent crude oil prices slipped 2.4% to average $51.0/bl, with continued concerns over rising crude output from OPEC members and the US.
• API 2 coal rose 1.0% to average $76.4/t. On Friday, coal prices reached $78.50/t, the highest price since September 2014, with strong Asian demand and following the oil market upwards.
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Page Updated Last on: Aug 21, 2017