29th April 2020 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices moved higher at the front of the curve as demand has increased this week, partly down to cooler weather in the UK. Longer dated contracts remained bearish, taking direction from weaker oil and coal. Power prices followed gas yesterday with upward movement at the front of the cure and losses towards the back. A drop in carbon and feedstocks provided some bearish pressure, in addition to falling oil and coal.
Market Open Market Open
The system is only slightly oversupplied this morning due to higher demand, with a drop in temperatures helping the prompt and front-month add to their price. Oil also displays a rebound, offering support to the far-curve. Coal, oil, gas and carbon have all opened higher this morning which has resulted in gains across the power curve. A drop in temperatures has also played a part, although a marginal lift in renewable power is expected tomorrow, weighing on the prompt.

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

Brent Summary

Brent 1st-nearby prices climbed to around $20.5/b yesterday as production cuts take effect, however, this is no guarantee that this is the end of the current bearish trend.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 30.65ppt and £39.25/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 - 29-04-2020

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