The energy complex, with the exception of Carbon, only recorded minor changes last week as gains in the oil market failed to bolster prices of other commodities. Oil prices gained more than 2% last week on a combination of upbeat macro-economic data, rising equities, a weak dollar and another large drop in US crude inventories. This bullish sentiment from oil filtered through to lift coal prices by a meagre 0.4%, amid the recovery in Australian coal prices and little changes in fundamentals in the Atlantic basin. Carbon prices were the biggest loser last week, plunging by more than 9% as market reacted to the bleak price forecast published by Barclays Capital along with very little buying activity from utilities. Prompt gas prices in the UK and the continent continued to diverge in the absence of the IUK pipeline, while forward gas prices softened slightly. Prompt power prices hovered between €35/MWh and €43/MWh over the week tracking the variability in wind production. Forward power contracts retreated modestly echoing the massive losses in the carbon market.