|Increases on coal, carbon, oil and power markets resulted in gains on the gas curve yesterday, with traders indulging in profit taking ahead of the Easter break. Meanwhile, a short system offered additional support to prompt, as a drop in supply outweighed the fall in demand.
|Power prices were pushed higher by stronger fuel markets on Wednesday, with coal, gas, oil, carbon and feedstocks all showing an increase. However, the outlook was generally positive, with milder weather and stable wind levels expected to weigh on demand.
|The system remains short this morning despite improved temperatures as an unplanned outage in Norway has reduced flows into the UK, while weaker renewable power has lifted gas-fired demand. As a result, gas prices have climbed higher, although weaker commodities have capped upward movement further out.
|Feedstock have increased further this morning and a drop in gas supply has offered support to the power curve. Coal has also moved higher but gains at the front of the curve have been restricted by the warm weather forecast and the drop in industrial demand over the Easter weekend.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices hit their highest levels of 2019 so far, reaching almost $72.3/b yesterday but have since fallen back to around $71.6/b. The latest EIA report offered mixed sentiment but the overall outlook remains bullish.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 52.64ppt and £57.15/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
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