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

Gas Power
Market Close Market Close
Near curve gas prices moved down on Friday as milder weather was expected over the weekend and the start of this week, in addition to improved wind levels, resulting in low demand. However, contracts further out climbed higher with support provided by a bullish oil market. Power prices displayed a similar trend to gas on Friday, with losses at the front of the curve and gains at the back. A rise in oil dictated movement further along the curve, while a healthy renewable generation and milder weather outlook pressured down spot prices.
Market Open Market Open
Gas prices have opened higher this morning as oil markets continue to recover and the Pound has weakened. Upward movement at the front of the curve was slightly restricted by an oversupplied system and a warmer weather forecast. Oil, carbon, coal and gas markets have strengthened this morning, resulting in gains across the power curve. Hope that the Coronavirus pandemic may have peaked in some countries has offered some support to equity futures but experts remain cautious.

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

Brent Summary

Brent 1st-nearby prices display strong gains as OPEC members are expected to discuss further production cuts to help stabilise the market.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 31.63ppt and £38.08/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 - 06-04-2020

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