In the day-ahead market on JEPX (Japan Electric Power Exchange), the 24-hour spot power prices on a weekly average basis for Apr 7-11 delivery pulled back from the previous week in both East Japan (50Hz) and West Japan (60Hz). Mild spring climate went into full swing across Japan, and looser supply-demand fundamentals weighed on spot prices. Especially, East Japan posted hefty price in a correction from the previous week's highs that came from a pickup in heating demand with a return of freezing climate.

In Tokyo and Kansai, the key areas in East Japan and West Japan, the 24-hour average posted a difference in favor of the East by Yen 2.85 for Apr 7 delivery, Yen 2.56 for Apr 8 delivery, Yen 2.68 for Apr 9 delivery, Yen 1.32 for Apr 10 delivery and Yen 3.19 for Apr 11 delivery.

The fuel market trends in the second week of April were detailed as follows. Fuel prices fell across the board, weighed by concerns that reciprocal tariffs would trigger a recession in the global economy.

DES Northeast Asia spot LNG prices stood in the mid $11 level per mmBtu for prompt May 2025 arrival as of Apr 10, down about $1.30 from the end of the previous week (Apr 4). The prompt contract slipped off the $12 mark for the firs time since July 2024. The Ministry of Economy, Trade and Industry (METI) announced on Apr 9 that Japan's LNG inventories for power generation stood at 2.13 mil mt as of Apr 6, down 100,000mt from a week before. The figure was down both from 2.18 mil mt as of end-April last year and the average of past five years at 2.14 mil mt.

FOB Newcastle thermal coal prices in Australia stood in the low $96 level per ton for April 2025 loading as of Apr 10. The level was down slightly less than $1 from the end of the previous week.

In the crude oil market, WTI crude for May 2025 stood around $60 per barrel as of Apr 11 morning while Brent crude for June 2025 was trading in the low $60 level. Both WTI and Brent were down around $2 from the end of the previous week.

The actual highest price during the week was at Yen 17.00 in East Japan for Apr 10 delivery. Meanwhile, the actual lowest price during the week was at Yen 0.01 in Tohoku, Shikoku, Kyushu and the System Price (SP) for Apr 7 delivery, Shikoku and Kyushu for Apr 8 delivery, Hokkaido, Tohoku, Shikoku, Kyushu and SP for Apr 9 delivery, and Shikoku and Kyushu for Apr 11 delivery.

By area, the weekly average of the 24-hour spot prices was at Yen 11.13 in Hokkaido, down Yen 3.61 from the previous week, Yen 11.25 in Tohoku, down Yen 3.87, Yen 12.55 in Tokyo, down Yen 3.11, Yen 10.24 in Chubu, down Yen 1.55, Yen 10.24 in Hokuriku, down Yen 1.39, Yen 10.03 in Kansai, down Yen 1.60, Yen 10.03 in Chugoku, down Yen 1.18, Yen 9.49 in Shikoku, up Yen 1.65, and Yen 8.70 in Kyushu, down Yen 1.31. Shikoku found support from shrinking price decoupling against the mainland.

In the JEPX auction, volumes of offers were 1,128.40 mil kWh on a weekly average basis, up 7.3% from the previous week. Meanwhile, bids on a weekly average basis decreased by 5.9% to 875.31 mil kWh. The weekly average of trade volumes shrank by 3.3% to 701.06 mil kWh.

Power demand in nine areas of Japan during Apr 7-11 was a combined 10,619.64 mil kWh, down 11.0% from 11,938.35 mil kWh during Mar 31-Apr 4. The figure was down 1.0% from the corresponding period a year earlier. Demand during Apr 8-12, 2024 after day of week adjustment was 10,725.86 mil kWh.

Deals reported on TOCOM (Tokyo Commodity Exchange) during Apr 7-11 were as below.

Deals reported on EEX (European Energy Exchange) during Apr 7-11 were as below.

In the third week of April, spot prices are believed to stay in a similar range from the second week. The highest temperature in Kanto and further west is forecast to stay above 20 degrees, and rise near 25 degrees in many areas in the latter half of the week. Thus, demand will remain at the low ebb for both air-conditioning and heaters, a factor that is likely to curb upside potential in spot prices. The weather is forecast to be partly rainy mainly in North Japan in the first half of the week, but sunshine will be available from the middle of the week onward. Thus, spot prices are expected to soften toward the latter half of the week. A source at a power producer and supplier said, "I believe spot prices will hover in the Yen 11-12 levels in East Japan and around Yen 10 in West Japan."