Business Energy Market Brief - Nov17
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Energy Market ReportsBusiness Energy Market Brief - Nov17

Business Energy Market Brief - Nov17

Nathaniel Taylor

by Nathaniel Taylor 07 November 2017

Report Summary:

Bullish commodities reach multi-year highs

key-market-indicatorsEnergy Market Brief - Nov17

Most power contracts experienced gains across October and gas contracts rose. Brent crude oil, API 2 coal and EU ETS carbon prices all reached multi-year highs. Day-ahead power prices dipped 0.1% to average £46.8/MWh. On 17 October, the contract reached a one-month high of £49.40/MWh, amid steep declines in wind generation forecasts. The month-ahead (November) power contract rose 3.2% to £52.9/MWh. Summer 18 power rose 1.3% to £42.8/MWh throughout the month, its highest price since June 2015. Winter 18 power reached £47.9/MWh, a 0.8% increase, its highest price on our records.

Day-ahead gas prices across the month subsided 1.4% to average 45.5p/th. However, on 9 October day-ahead prices reached an eight-month high of 49.20p/th, strengthened by lower Norwegian supplies due to the Kollsnes gas processing plant and the Vesterled pipeline being offline for maintenance. Summer 18 gas experienced an uptick of 1.2% rising to average 42.3p/th, up from 41.8p/th the previous month. On 30 October summer 20 gas grew to 41.3p/th, the highest price on our records.