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Weekly UK Insight

The Sept 2021 Gas price rose 4.1% to 108.04p/therm last week, as spot prices for LNG in Asia rose to their highest level for this time of year since 2013, as buyers prepare for more extreme temperatures amid a winter of potentially short supply.

The Oct 2021 12 Month Gas price increased 7.6% to 88.11p/therm as global LNG prices steadily climb. Last winter, LNG prices rose to record highs amid production constraints in exporting countries. However, Europe has failed to replenish inventories since then.

European gas storages are still only 59% full. This continues to be the largest supply risk ahead of the colder winter period.

The lack of arrivals of LNG tankers has boosted future prices, with just one tankers currently scheduled to arrive in Britain over the next two weeks.

The Oct 2021 12 Month Power price rose 7.2% to £90.58/MWh, tracking gas prices higher with gains in oil, carbon and coal providing further support.

Prices for both gas and power continue to be supported by high levels of tender activity in the run up to the 1 Oct renewal date.

The months of July, Aug and Sept are the busiest in the industry, meaning any clients who haven’t yet secured their new contracts will all be asking suppliers for prices at the same time, supporting high prices.

Weekly UK Insight – 09 August 2021