7th May 2020 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices inched higher on Wednesday, with the front of the curve supported by an undersupplied system due to increased gas-fired power demand. Meanwhile, the overall energy complex was generally stable compared to previous sessions. Power prices followed the gas market and increased yesterday, with a drop in wind levels resulting in a higher reliance on gas-fired power. A warm weather forecast helped to limit the gains, while commodity markets were flat.
Market Open Market Open
The system has opened balanced this morning as warm weather has reduced residential demand. Gas prices are little changed from yesterdays gains, with little direction provided by commodity markets. Oil and carbon have opened slightly down, coal displays a small gain, while gas is stable, resulting in a quiet opening to this morning’s session.

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

Brent Summary

Brent 1st-nearby prices ended their 5-day bullish trend and traded lower yesterday. Despite production cuts, the global supply glut remains the biggest overall factor for traders.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 30.99ppt and £38.98/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 - 07-05-2020

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