22nd March 2019 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices eased down on Thursday, erasing most of the gains from the previous day, direction was provided by weakening coal and oil markets, with power and carbon also showing a loss. Power prices displayed losses yesterday following a bullish session on Wednesday. Prices were dictated by weaker gas, coal, carbon and oil markets, while a warmer and windier weather outlook provided further bearish pressure at the front of the curve.
Market Open Market Open
The system remains balanced this morning and demand levels sit 22mcm below the seasonal norm due to mild weather, healthy flows and improved renewables. This has helped near-curve gas prices to decrease, while the far-curve has stabilised. Temperatures are forecast to remain mild next week and renewables should be comfortable, resulting in further losses at the front of the curve this morning. Traders will keep an eye on developments regarding Brexit, with the possibility of ‘no-deal’ likely to impact the markets.

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

Brent Summary

Brent 1st-nearby prices have decreased this morning and currently trade around $67.9/b. The downward correction is a technical one as fundamentals remain bullish and the UK’s exit from the European Union remains uncertain.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 44.15ppt and £48.83/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 - 22-03-2019

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