9th July 2019 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices increased throughout Monday’s session with Front-Month showing the most significant gain. A prolonged outage at the Nyhamna processing plant in Norway provided bullish pressure at the front of the curve, combined with weak renewables, while a rise in coal, carbon and oil supported the rest of the curve. Power prices were pushed higher by rising gas and carbon yesterday, with the prompt receiving additional support from weak wind availability which increased reliance on gas-fired generation. Another rise in coal was also a bullish factor during the session.
Market Open Market Open
The UK gas system is 18mcm short this morning as gas-fired power demand is high, LNG send-outs have dropped and Norwegian imports are restricted. This has resulted in further gains across the near gas curve, while the far-curve continues to follow stronger coal and carbon. Movement along the power curve is more varied this morning but sentiment remains largely bullish. Weaker Brent has contributed to losses further along the curve, while carbon has eased slightly.

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

Brent Summary

Brent 1st-nearby prices have weakened this morning with the on-going US/ China trade war a factor; Brent currently trades around $64.1/b.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 47.93ppt and £53.23/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 - 09-07-2019

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