30th July 2018 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices were slightly bearish on Friday with little support provided by fuel markets. Improved renewable levels were expected over the weekend and the start of this week which will weigh on CCGT demand, helping the prompt move down. Power contracts displayed mixed changes at the end of last week as warm weather lifted cooling demand and renewables were weak, supporting the prompt. However, improved wind levels were forecast for the weekend and fuel markets were flat, helping towards some losses on the rest of the curve.
Market Open Market Open
The UK gas system is oversupplied this morning as demand levels have decreased. Wind levels are higher, reducing the need for gas-fired power, while warmer temperatures are expected to return next week. Meanwhile, coal and oil markets are stable and movement across the gas curve is minimal. Day-Ahead power has strengthened this morning as renewable levels are expected to decrease tomorrow, although cooler weather has limited upward movement on the rest of near-curve. The August contract will also expire today, limiting any trading.

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

Brent Summary

Brent 1st-nearby prices display a small loss from Friday with the fundamental picture unchanged from last week; Brent currently trades around $74.3/b.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 58.05ppt and £57.43/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 - 30-07-2018

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