23rd November 2018 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices showed little change during yesterday’s session, with some support provided by a rise in coal and carbon markets, although bearish oil offered resistance. Colder weather also lifted demand levels, limiting any losses at the front of the curve. Power prices moved down on Thursday due to a milder weather forecast and a stronger Pound which pressured down fuel markets. The gas curve provided little direction but the far-curve was largely dictated by low oil prices.
Market Open Market Open
Gas prices have eased down this morning, pressured down by falling coal and oil, however, carbon markets remain slightly bullish. Temperatures have been revised higher and should remain slightly above the seasonal norm over the next fortnight, further weighing on the near-curve. Movement along the power curve is largely bearish this morning as most contracts follow their gas counterparts and weaker commodities. The improved demand outlook has helped towards losses on the near-curve, while an expected rise in wind generation has contributed to a strong loss on the prompt.

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

Brent Summary

Brent 1st-nearby prices fell to their lowest price of 2018 yesterday ($61.52/b) but have since rebounded to around $62.60/b. Strong bearish pressure has been provided by the current abundance in supply, ignoring the expectations of OPEC production cuts.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial increased – closing at 60.16ppt and £59.55/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 - 23-11-2018

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