16th July 2020 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices displayed little movement during Wednesday’s session, with contracts recording mixed but minor changes at the close of trading. A rise in coal and oil offered support, while carbon and power decreased. Movement along the power curve was also mixed and insignificant yesterday, although overall sentiment was bearish. A drop in carbon helped to weigh on far-curve contracts, while weak renewables and cooler weather lifted the prompt.
Market Open Market Open
The system is oversupplied this morning and gas prices across the near curve have moved down. Coal and oil have also eased down slightly, while carbon and power remain bearish, weighing on longer dated gas contracts. Power prices have opened lower this morning, following weaker gas, coal, oil and carbon markets. Supply fundamentals are also unchanged despite a small rise in wind levels, with a further improvement expected tomorrow.

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

Brent Summary

Brent 1st-nearby prices have corrected down as major oil producers have agreed to ease production cuts from August onwards. However, a drop in global inventories has ensured prices remain above $43.75/b.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased, closing at 32.93ppt and £44.73/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 - 16-07-2020

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