15th June 2018 | Posted by: Stephen Berrey | Market Analysis

Gas Power
Market Close Market Close
UK Gas closed down yesterday, after trading higher until late afternoon. The cause of this was mainly due to late weakness in oil and coal, driven by large EUR/USD moves. European power traders sold down contracts in the UK yesterday on weaker fuel prices, a slightly better renewable outlook and weaker carbon.
Market Open Market Open
The Gas market has opened lower this morning off the back of comfortable system dynamics. This morning, the system is 7 mcm long, the Interconnector will be offline for another 12 days, and temperatures are expected to stay above normal until the last week in June. Carbon started the day with a modest gain of 1%. Renewables are down today with weaker wind and solar. Storage injections have also decreased around 9mcm to 13.5mcm today. Temperatures are expected to remain above seasonal norms all the way into the last week of June and gives only little hope for higher wind generation in UK

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

Brent Summary

Brent 1st-nearby prices Increased slightly yesterday, however it is heading for a second week of decline as investors tried to gauge whether OPEC and Russia will ease production caps; Brent trades around $75.9/b this morning.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 56.18ppt and £55.26/MWh, respectively.

Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page.

Energy Price Graph - 15-06-2018

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