5th November 2019 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices were on the rise during Monday’s session due to a reduction in flows which led to an undersupplied system. Further support was provided by an expected drop in temperatures, while coal and oil markets also displayed small gains. Power prices followed gas and carbon markets and moved higher yesterday. Temperatures are also expected to drop below the seasonal norm in the coming weeks which helped to lift the near-curve, with a tighter gas system limiting downward movement on the prompt.
Market Open Market Open
Sentiment across the near gas curve remains bullish this morning, while contracts further out are mostly flat. The system has moved long due to a rise in Norwegian flows but the cold weather forecast for this month continues to provide support and commodities are up again. A drop in feedstocks and improved gas supply has restricted some of the gains on the near-curve, although the prompt displays a strong increase due to weak renewables and a cold weather outlook. Further out, a rise in coal, carbon and oil has helped contracts open higher.

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

Brent Summary

Brent 1st-nearby prices display further gains due to optimism surrounding Chinese/ US trade talks which would help to boost the global economy; Brent currently trades around $62.1/b.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas increased, while commercial electricity recorded a loss – closing at 46.25ppt and £50.50/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 - 05-11-2019

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