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

Gas Power
Market Close Market Close
Gas markets stabilised during Wednesday’s session despite a rebound in oil, equities and carbon. Norwegian imports were reduced further, while LNG send-outs were also lower compared to last week. However, revised forecasts point towards warmer weather which is expected to weigh on demand. Power prices displayed mixed movement yesterday, finding support from an increase on oil, coal and carbon markets. Most power prices mirrored movement displayed on the gas curve, with weak wind generation also supporting the prompt.
Market Open Market Open
The UK gas system is balanced this morning as a drop in exports to Europe has countered weaker imports from Norway. Gas prices have opened slightly higher, along with carbon, coal and power, while oil markets trade lower. Weak renewable generation and a warmer weather outlook has offered mixed sentiment to the front of the power curve this morning, although the prompt displays a strong loss due to an expected surge in wind levels tomorrow. Most contracts trade slightly higher, with support provided by stronger coal and carbon.

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

Brent Summary

Brent 1st-nearby prices remain bearish despite a slight rebound yesterday as weak demand continues to negate the impact of OPEC production cuts; Brent currently trades around $40.8/b.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity recorded a gain, closing at 34.92ppt and £46.59/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 - 10-09-2020

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