29th April 2021 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Storage levels continued to deplete yesterday, with similar withdrawals expected for the remainder of the month; withdrawals are around 1mcm higher than they were this time last year. Prices went up as a result of tighter storage levels, combined with higher demand. Tighter gas supply pushed power contracts higher yesterday, with an expected drop in wind levels today helping to lift the prompt as reliance on gas-fired power was set to increase.
Market Open Market Open
Gas prices display minor gains this morning, driven by cooler weather, high CCGT demand and increased storage withdrawals. However, temperature forecasts for May have been revised higher and supply levels remain healthy overall, offering resistance. Elsewhere, carbon allowance contracts continue to strengthen due to new EU decarbonisation targets. Rising gas and carbon has helped to drive the power curve this morning, with weak wind generation helping the prompt add to its price. However, milder weather is now expected for May which has limited any upward movement on the near curve.

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

Brent Summary

Brent Crude trades higher again this morning as yesterday’s OPEC meeting suggested demand forecasts have rebounded despite concerns in Asia.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased, closing at 53.33ppt and £64.28/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 - 29-04-2021

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