28th August 2019 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices eased down on Tuesday with direction provided by weakening on overall energy markets, with coal, power and carbon all recording a loss, although oil prices displayed a rebound later in the session. The majority of power contracts shed from their price yesterday, with downward pressure provided by weaker, gas, coal and carbon. However, above average temperatures and poor wind generation helped to restrict losses at the front of the curve.
Market Open Market Open
The UK gas system is close to balance this morning despite a 40mcm drop in supply, mainly on the back of Norwegian maintenance. A slight drop in gas-fired power demand has helped to stop the system falling short. Gas prices are slightly higher this morning with oil, coal and carbon providing support. Power prices have inched higher this morning, following global energy markets with strengthening on coal, gas and carbon contracts. Meanwhile, wind levels have picked up, with similar levels expected tomorrow which has helped to weigh on the prompt.

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

Brent Summary

Brent 1st-nearby prices increased yesterday as recent API data shows a significant decline in US stocks (11.1m barrels), with confirmation expected in today’s EIA report.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity moved higher – closing at 44.44ppt and £50.03/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 - 28-08-2019

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