2nd October 2018 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices fluctuated across the curve during Monday’s session with strong losses displayed in the morning due to an oversupplied system, helped by healthy renewables. However, strengthening oil prices assisted gas contracts in their recovery in the afternoon. Power prices displayed mixed movement yesterday with most losses recorded in the morning erased in the afternoon. Another uptick in oil prices transferred to gas and power markets, with additional support provided by rising coal and carbon.
Market Open Market Open
Improved flows from Norway and Russia have kept the UK gas system in oversupply this morning but prices have found support from stronger fuel markets and increased. Oil prices continue to rise, while coal and carbon also display gains. Coal and oil prices are at their highest point for a number of years, while gas and carbon markets have also increased. As a result, power prices display strong gains this morning across the curve, despite a healthy supply outlook.

For a breakdown of the current generation mix visit our Power Generation Insights page.

Brent Summary

Brent 1st-nearby prices continue to climb higher, reaching $85/b for the first time since the end of 2014. The latest OPEC output estimates, combined with the expected plunge in Iranian exports have added to the bullish sentiment.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 69.93ppt and £65.96/MWh, respectively.

Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page.

Click graph to enlarge

energy price graph - 02-10-2018

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