6th March 2020 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices were pressured down by falling oil yesterday, although a tight system offered some resistance. Temperatures were also revised down for the start of next week, although should remain close to the seasonal norm. Power prices closed at a discount on Thursday, taking direction from a drop in gas and carbon. Strong wind levels are expected over the weekend but temperatures should be cooler than initially forecast for the start of next week.
Market Open Market Open
Oil prices have decreased once again, transferring to the gas curve which displays minor losses. An undersupplied system has offered some support as wind levels have weakened recently, lifting gas-fired power demand. Power prices trade down this morning, continuing to follow weaker gas, while carbon, coal and oil markets have also moved down. Weather forecasts are unchanged and have failed to offer much direction.

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

Brent Summary

Brent 1st-nearby prices show a strong loss as proposed OPEC cuts did nothing to halt the bearish trend. OPEC members proposed a 1.5mb/d cut and prices have fallen to around $48.4/b.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 29.67ppt and £37.66/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 - 06-03-2020

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