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

Gas Power
Market Close Market Close
Gas prices fluctuated throughout Tuesday’s session, with losses displayed in the morning, a sharp rally in the afternoon, before another decrease towards the end of the session. The afternoon support was provided by a rise in fuel markets. Power prices displayed gains by the end of yesterday’s session with support provided by a rise in coal, oil, carbon, gas and biomass feedstocks. The prompt and the front-month contract displayed the largest gains, with the current heatwave resulting in higher demand.
Market Open Market Open
The UK gas system is close to balance this morning and gas prices are generally unchanged from yesterday’s close. Coal and carbon markets are flat, while oil displays a slight gain. Gas-fired power demand is up, contributing to the tighter system as hot weather has lifted cooling demand, while wind availability is low. Commodity markets have stabilised this morning and movement along the power curve is minimal. Cooling demand remains high as the UK continues to experience high temperatures, while the heatwave has also led to a number of nuclear power plant closures on the continent.

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

Brent Summary

Brent 1st-nearby prices have increased further amid fears that a major shipping lane near Iran could be disrupted due to recent tensions, while US crude oil inventories declined more than expected.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas increased, while commercial electricity moved higher – closing at 49.50ppt and £55.60/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 - 24-07-2019

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