24th January 2019 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Near-curve gas prices ticked higher on Wednesday as the system fell short due to colder weather which increased residential demand, while weak renewables also lifted CCGT demand. Further out, any gains were capped by a drop in oil and carbon. Power markets were generally bullish yesterday but a milder weather outlook helped to limit upward movement on the near-curve. A weak renewable generation outlook for today helped to support the prompt, while a rise in coal offered support on the far-curve.
Market Open Market Open
The UK gas system has opened long this morning as temperatures have turned milder, with a further improvement expected this weekend which has resulted in losses at the front of the gas curve. Meanwhile, coal, oil and carbon markets have weakened, weighing on far-curve contracts. Power prices have moved down this morning thanks to a healthier gas supply/ demand outlook and an expected rise in temperatures which will reduce heating demand. Commodity markets have also weakened, contributing to losses at the back of the curve.

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

Brent Summary

Brent-1st-nearby prices display a small loss as trading continues to be influenced by a weak global economy, with a rise in US crude inventories also a factor.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 57.48ppt and £59.78/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 - 24-01-2019

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