7th November 2019 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices were largely stable during Wednesday’s session but recorded losses towards the end of trading due to a strong decrease in oil prices. This had a knock-on effect on overall energy markets, with healthy supply adding to the bearish pressure at the front of the gas curve. Power prices displayed losses on Wednesday with bearish pressure provided by weaker coal, gas and feedstocks, while a late drop in oil was another factor. Meanwhile, a significant rise in wind generation was forecast for today which helped the prompt shed from its price.
Market Open Market Open
The UK gas system is undersupplied this morning as demand has exceeded supply, with an expected drop in wind generation tomorrow helping the prompt climb higher. As a result, near-curve gas prices display small gains, while the far-curve is mostly flat. Power prices are slightly stronger this morning following a rebound in carbon and oil, while coal and gas markets are stable. Today’s strong wind levels are expected to decline tomorrow which has helped the prompt climb higher.

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

Brent Summary

Brent 1st-nearby prices displayed a sharp drop yesterday as US oil reserves displayed a larger increase than anticipated, rising by around 7 million barrels; Brent current trades around $61.7/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 44.95ppt and £49.99/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 - 07-11-2019

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