13th September 2019 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices displayed mixed movement on Thursday with the front of the curve displaying gains, while contracts further out moved lower. An expected drop in renewable levels today and over the weekend offered support to the prompt, while weaker oil weighed on the far-curve. Power prices moved higher yesterday with a weaker wind generation forecast lifting the prompt, while safety concerns at French nuclear sites offered support to winter contracts. Bullish coal and carbon markets were also a supportive factor.
Market Open Market Open
The UK gas system is oversupplied this morning as Norwegian flows into the UK have improved further and demand is unchanged. UK gas production is slightly down, while LNG send-outs are stable. Movement along the gas curve is minimal, with some support provided by a rise in coal and carbon. Power prices display further gains this morning, following rising coal and carbon, although upward movement was slightly offset be weaker oil and stable gas. Weak renewables continue to support the prompt but warm temperatures are expected over the weekend, lessening the impact.

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

Brent Summary

Brent 1st-nearby prices display a small loss this morning as fundamentals are unchanged and there is some optimism in regards to sanctions being eased on Iran; Brent currently trades around $60.8/b.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas moved slightly higher, while commercial electricity decreased – closing at 47.88ppt and £53.69/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 - 13-09-2019

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