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

Gas Power
Market Close Market Close
Gas prices displayed little change during Thursday’s session despite a long UK gas system and weaker commodities. The prompt weakened thanks to mild temperatures and stable renewables, while a drop in coal and carbon limited upward movement further out. Power prices decreased yesterday with the exception of the front-month contract which displayed a small gain. Weaker coal and oil weighed on prices further along, while healthy fundamentals dictated the near-curve.
Market Open Market Open
The UK gas system is close to balance this morning, as weaker demand has offset the effects of reduced flows from Norway. This has helped towards losses on the near-curve, while longer dated contracts have found direction from weaker coal. Power trading is subdued ahead of the Bank Holiday with some bearish direction provided by a drop in coal, while carbon has opened almost flat. Short-term fundamentals are also healthy with warmer weather expected over the weekend, while wind availability should pick up later next week.

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

Brent Summary

Brent 1st-nearby prices display a strong loss following a bearish stocks report, ignoring supportive fundamentals, however, prices have rebounded slightly and trade around $67.75/b.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 50.09ppt and £54.11/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 -24-05-2019