The first few weeks in April saw several records broken, firstly it was confirmed that Brent prices recorded their worst quarter downswing in living memory, however following confirmation of OPEC+ talks Brent prices saw the biggest intraday rally in history, albeit short lived.  During the OPEC+ meeting it was agreed that cuts of 10m barrels per day would be implemented which is around 10% of global demand, this agreed cut way below what most analysts believe is required to counterbalance the social/economic reductions seen in Oil requirements from COVID-19 which are currently estimated to be around 30%.  Brent started the month at $26 to currently sit on $21, however WTI which is the US index saw major falls from $23 to negative $4 as of 20th April 2020.

In the UK day-ahead electricity markets started the month at £24.62/MWh but despite low wind generation continued to shed value in a over supplied market to presently sit at £15.77.  Winter 20 and Summer 21 moved into positive territory recording modest gains from £34 to £37 and £38 to £41 respectively.

Day ahead Gas markets followed a similar trend in an over supplied market, starting the month at 17.5p/therm and has traded down to currently sit at 10.5p/therm, however we have seen some stability return to Winter 2020 and Summer 2021 curves with both indices recording very modest gains since the start of the month.