International Energy Agency and OPEC have revised their demand estimates for 2021 upwards
19 April 2021
UK gas prices turned higher again on FridayDespite a comfortably supplied system, UK gas prices turned higher again on Friday with futures contracts gaining for a third consecutive day. Lower demand and adequate supply saw the spot price ease slightly on the day. Another dip in temperatures kept forecast demand above normal for the remainder of the month and the week ahead and balance-of-month contracts gained 1.50p and 1.40p respectively. Storage withdrawals fell slightly but LNG send-out picked up as a further 10 cargoes are due to berth at UK ports by the end of the month. The May, June and Q3 contracts all gained on the day and finished around 8% higher week-on-week.
GB baseload power futures settled higher again on Friday with prices for the next 12 months gaining over £1.00/MWh and finished around 5% higher week-on-week. Seasonal contracts beyond Winter 21 recorded more modest gains on the day. Carbon EUAs closed 0.6% up to close just below recent highs set earlier in the week. Baseload for the day ahead continued to ease off recent highs and shedding £1.50/MWh on Friday. Remaining prompt contracts gained on forecast low temperatures and low wind generation continuing for the rest of the month.
Carbon EUAs closed 0.6% up