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Weekly Energy Market Review – 4th-8th October 2021

Power

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Power prices have eased down slightly towards the end of this week following almost a month of sky-rocketing. It is hard to say whether prices have hit a ceiling and the bullish streak has come to an end but the respite has been welcome. 

Week Starting Price (Year-Ahead): £121.55/MWh

Week Ending Price (Year-Ahead): £111.52/MWh

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Gas

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Approval of Russia’s Nord Stream 2 pipeline which will bring additional gas flows into Europe helped to weigh on prices in the middle of this week. The start of the week, however, saw UK prices hit fresh record highs but there is now cause for some optimism.

Week Starting Price (Year-Ahead): 122.57ppt

Week Ending Price (Year-Ahead): 125.45ppt

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Commodities

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Oil markets continue to rise on the back of last month’s some in the US gulf, shutting down the majority of production in the region, while the Dollar continued to weaken. Some experts expect Brent Crude to reach almost $100/b by the end of 2021.

Brent Crude Week Starting Price: $79.20/b

Brent Crude Week Ending Price: $83.19/b

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