22nd October 2020 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices were pushed lower by a strong rise in the Pound against the Euro yesterday, with Brexit negotiations set to recommence. The supply/ demand picture is set to remain healthy today which helped the prompt record a loss. Wind generation levels were forecast to pick up today which helped the prompt close at a discount, with mild weather also contributing to downward movement on the rest of the near curve.
Market Open Market Open
Gas prices are largely unchanged this morning, although any movement is slightly bearish. The system remains oversupplied, helped by mild weather and improved wind generation. Meanwhile, a drop in oil, coal and carbon has helped to weigh on the far curve. Healthy gas supply, mild weather and weaker commodities have all resulted in losses today, however, wind levels are expected to decrease tomorrow, helping Day-Ahead move higher.

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

Brent Summary

Brent 1st -nearby prices have dropped to around $41.7/b this morning as recent figures show a rise in US oil production, while concerns regarding the global COVID-19 situation continue to weigh on markets.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased, closing at 39.59ppt and £46.68/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 - 22-10-2020

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