21st July 2020 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas contracts displayed strong losses during Monday’s session, following overall movement across the energy complex, with carbon, coal and power all displaying a significant decrease. Power prices followed gas and displayed strong bearish movement during yesterday’s session. A drop in carbon further weighed on longer dated contracts, while weak renewables lifted the prompt.
Market Open Market Open
The announcement of an EU COVID-19 stabilisation fund worth €700bn has helped to support equities, resulting in gains across energy markets. Oil has also opened higher, along with carbon and power resulting in upward movement across the gas curve. Power prices have rebounded this morning, following a rise in coal and carbon. Gas markets have also turned bullish, with European markets taking direction from the EU ‘rescue’ fund.

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

Brent Summary

Brent 1st-nearby prices trade above $43.3/b with no fresh news to direct the market; prices remain torn between an expected easing of production cuts and excess supply from China entering the market.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased, closing at 30.89ppt and £42.63/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 - 21-07-2020

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