Seasonal power and gas contracts declined to record lows in November.
Annual April 16 gas fell 9.0% to average 36.9p/th, as lower oil prices and a strong supply outlook weighed on the contract. Rising LNG supplies are expected to continue in the medium and long-term with imports up 35.9% in November compared to the same month last year.
Annual April 16 power followed gas and coal prices down, slipping 6.3% to average £39.1.MWh, reaching a contract low of £38.3/MWh on 12 November.
Spot gas and power contracts also decreased. Day-ahead gas fell 9.2% to average 36.0p/th, reaching a five-year low of 33.4p/th on 12 November. This resulted from forecast temperatures being 20.6% above the seasonal norm.
Day-ahead power fell 5.7% to average £38.1/MWh, hitting £35.0/MWh on 12 November: the lowest price since July 2014. Greater wind generation, up 91% on the previous month, and mild temperatures depressed prices.
Brent crude oil declined 6.2% to average $46.4/bl in November. Oil began the month rising on supply concerns from Libya and Brazil. However, prices later declined, hitting a three-month low of $43.9/bl on 23 November, amid weak Chinese demand data, high OPEC production and record high OECD crude inventory levels.
EU ETS carbon rose 1.4% to average €8.5/t.
