24th February 2017 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices climbed higher across the curve during Thursday’s session, with a higher demand outlook for today helping towards gains on the prompt. A temporary drop in temperatures was expected today and over the weekend, while weaker wind levels will also result in a rise in CCGT generation. Power contracts followed gas yesterday and added to their price with an expected drop in temperatures and wind generation helping the prompt close at a premium. Oil prices were stable but APi2 coal decreased, helping to restrict some upward movement at the back of the curve.
Market Open Market Open
Gas prices have turned bearish this morning as temperatures are expected to turn milder next week which will result in a decrease in demand. Meanwhile, oil and coal markets are generally stable today and have failed to offer much support to the far-curve. Once again, the power curve has tracked the movement of gas and displays losses this morning, with direction also coming from slight decreases on the oil market. A milder weather outlook will help to weigh on consumption levels next week, although wind generation could remain low.

Brent Summary

Brent 1st-nearby prices displayed some gains yesterday morning before decreasing following the release of the latest EIA report. Brent climbed above $57/b but the report failed to fuel bullish pressure and prices have dropped below $56.3/b this morning.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 46.63ppt and £45.86/MWh, respectively.

Today’s prices can also be found in an easy to read table on or ‘current UK energy price' page.

Click graph to enlarge

energy price graph - 24-02-2017

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