6th August 2020 | Posted by: Rebecca Haughton | Market Analysis

Gas    Power
Market Close Market Close
Gas prices continued their ascent yesterday, however the air may be getting thinner as the day on day increase slowed considerably. Part of the lift came from a gain in oil prices, coupled with new highs in equities, coal and carbon were flat. Power prices were lifted yesterday by gains in natural gas prices and increased demand for cooling load as temperatures climbed.
Market Open Market Open
This morning, the system is balanced as temperatures rise and cooling demand increases. Oil is flat, while coal, carbon and power are up. Gas is making further albeit modest gains this morning, lifted mostly in the spot and on the front month, longer dated contracts are less moved. This morning, rising prices for carbon and feedstocks, coal and gas, is powering electricity futures higher across Europe. High temperatures, low precipitation and the risk of lower output at nuclear facilities in France & Belgium are providing a supportive narrative.

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

Brent Summary

Brent 1st-nearby prices have remained firm this morning, as the US dollar weakens prompting market participants to buy.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas and commercial electricity increased, closing at 32.33ppt and £43.70/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

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