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

Gas Power
Market Close Market Close
Gas traded slightly higher by Friday’s close, all be it marginally. Coal and power both offered support, in addition to a weaker Pound, while stable oil and weaker carbon provided some resistance. Power prices displayed gains on Friday, pushed higher by a decline in the Pound against the Euro, as well as a rise in coal. Meanwhile, a strong wind outlook for the weekend helped to weigh on the prompt.
Market Open Market Open
The UK gas system is oversupplied this morning despite colder weather as strong wind levels have reduced reliance on gas-fired power. Energy markets are generally stable this morning due to economic uncertainty and gas is no exception. Power prices have stabilised this morning, with little support in either direction provided by corresponding markets. Healthy wind levels today have pressured down the prompt, while temperatures have cooled significantly from last week.

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

Brent Summary

Brent 1st-nearby prices are practically unchanged from Friday as a rise in Coronavirus cases across the world has negated the impact of production cuts, as demand for oil remains weak.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas increased, while commercial electricity moved lower, closing at 31.61ppt and £41,50/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 - 29-06-2020

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