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

Gas Power
Market Close Market Close
Gas prices increased yesterday afternoon despite a bearish opening, as colder than expected weather resulted in a rise in demand. Traders also bought back into their short positions ahead of the November expiry, offering further support to contracts. Power prices followed the gas market and moved higher yesterday afternoon, with a rise in coal an additional factor. However, the prompt managed to shed from its price as a rise in temperatures and wind levels was forecast for today.
Market Open Market Open
The UK gas system has opened long this morning as demand is slightly down thanks to a rise in wind levels and milder temperatures. This has resulted in losses across the near-curve, with weaker coal and oil weighing on prices at the back of the curve. Fundamentals are improved this morning which has led to a drop in consumption levels, helping towards losses at the front of the power curve. Fuel markets are also down, with gas, coal and oil displaying a decrease and carbon the only exception.

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

Brent Summary

Brent 1st-nearby prices corrected downwards yesterday to trade close to Friday morning’s levels, bearish sentiment came from suggestions of new US tariffs to be placed on Chinese imports.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas recorded a small gain, while commercial electricity decreased – closing at 63.45ppt and £57.56/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 - 30-10-2018

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