24th July 2020 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices closed at a premium yesterday, with low renewable generation increasing demand for gas-fired power and tightening the system. The majority of contracts were dictated by an increase in carbon. The system has opened marginally oversupplied this morning, while oil markets are flat following a loss yesterday. Coal markets are also down and gas prices are stable with little to drive the market.
Market Open Market Open
Power prices were on the rise during Thursday’s session, pushed higher by stronger gas and carbon markets. Weak wind & solar generation also helped the prompt add to its price. Most power contracts have opened lower this morning, following a drop in carbon, while gas is largely unchanged and coal has also weakened. Further bearish pressure has been provided by weaker global equities.

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

Brent Summary

Brent 1st-neary prices have dropped to around $43.3/b as the latest round of economic data is weak and the impact of the Covid-19 pandemic is clear to see.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased, closing at 30.57ppt and £42.05/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 - 24-07-2020

If you would like to learn more about how Apollo Energy can help your business find the best deal on its gas and energy contracts then feel free to get in touch by calling us on 01257 239500 or using the form on our contact form.