- Market close data on 30th October revealed the one-year forward price for commercial gas stood at 38.60ppt, a decrease since earlier in the month, though still an increase since the end of September (37.3ppt).
- Gas prices decreased sharply at the beginning of the month, pressured down by weakening oil markets.
- The one-year forward price has decreased again throughout this month, closing at £45.71/MWh on 30th October. This is compared to £47.70/MWh at the end of September.
- Outdated regulation in the onshore electricity grid risks derailing the UK’s plans to power every home using wind generation by 2030.
- As many European countries enter a second national lockdown to control the spread of COVID-19, Brent oil prices have experienced a big drop – closing at $37/b at the end of October, down from $42.4/b at the beginning of the month.
- Oil prices have also been severely affected by concerns over the US election, which has caused prices to continue to drop.
- US Crude inventories plunged by 8 million barrels in the final week of October, despite analysts’ predictions for an increase.
- US coal production rose to 10.36 million st in the final week of October, up by 1.8% from the middle of the month, though down by 18.2% from the same time last year.
- A surge in natural-gas prices throughout this month has caused prices of coal in Europe to rise to their highest level in almost a year ($57.77 a metric tonne) due to a demand for cheaper fossil fuel.