10th February 2020 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices displayed mixed movement on Friday, with losses at the front of the curve and some support further out. Strong wind levels were expected over the weekend which helped to weigh on the prompt as less gas-fired power would be required. The majority of power contracts moved down at the end of last week, following weaker commodity markets. Strong wind generation was expected which contributed to a loss on the prompt, while temperatures were forecast to turn milder as we head towards the middle of the month.
Market Open Market Open
Gas prices have opened lower this morning, pressured down by a drop in coal, carbon and power. The 15-day forecast also points towards mild weather for this time of year, with healthy wind levels expected for the most part. Power prices have decreased again this morning as carbon allowances and coal prices have weakened further. A drop in gas has also helped towards the losses, with a mild and windy weather forecast adding to the bearish sentiment.

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

Brent Summary

Brent 1st-nearby prices remain bearish and trade close to their lowest levels of 2020 so far. OPEC members failed to reach a decision in terms of production cuts and there is very little to support the market right now as global markets are dictated by measures taken to stop the spread of the Coronavirus.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 29.48ppt and £38.43/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 - 10-02-2020

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