21st February 2019 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices were on the rise during Wednesday’s session as short sellers looked to leave their positions, causing a technical increase on gas markets. Oil, coal and carbon markets also moved higher, providing additional support. Power contracts posted gains yesterday, following their gas counterparts, with a rise in oil, coal and carbon also a factor. However, comfortable renewables and a milder weather outlook limited upward movement at the front of the curve.
Market Open Market Open
The UK gas system has opened long this morning and short term temperatures have been revised upwards, helping to weigh on near-curve gas prices. Further out, prices have stabilised as coal and carbon markets have settled, although Brent remains bullish. Power prices have erased some of yesterday’s gains with downward pressure provided by a drop in feedstocks, coal, gas and carbon. Above average temperatures are also expected according to the 15-day forecast but wind levels are also predicted to drop in this time.

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

Brent Summary

Brent 1st-nearby prices continue to rise as markets take direction from OPEC production cuts and the crisis in Venezuela; Brent started the session above $67/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 52.28ppt and £54.41/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 - 21-02-2019

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