30th April 2021 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Expectations of colder weather and limited renewable power continued to support the power curve yesterday, with demand for gas expected to be high over the coming week. Meanwhile, rising carbon and oil offered support to longer dated contracts. The power curve mirrored gas once again during Thursday’s session and traded higher, with increases on carbon, coal and oil markets offering additional strength to the curve. An expected drop in wind generation today also helped the prompt move higher.
Market Open Market Open
Gas prices display gains at the start of the session as tightened supply remains the main market driver. The system has remained long all week despite high demand but cooler temperatures are expected next week, testing supply levels even further. Sentiment along the power curve is unchanged this morning, with rising gas, stronger commodities, a cooler weather forecast and limited wind generation all combining to provide support to prices.

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

Brent Summary

Brent Crude moved close to $70/b following OPEC’s positive statements in regard to global oil demand. However, prices have since fallen to around $68.6/b as COVID-19 cases in India are hitting record numbers.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased, closing at 55.95ppt and £65.04/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 - 30-04-2021

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