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

Gas Power
Market Close Market Close
Gas prices moved higher yesterday, taking direction from bullish commodity markets, with carbon in particular displaying strong upward movement. Meanwhile, supply levels tightened due to a drop in flows which offered additional support to the front of the curve. Gains could be observed across the power curve yesterday as contracts followed their gas counterparts and stronger fuel markets. An expected drop in temperatures next week helped the near-curve climb higher, although a healthy wind generation forecast for today weighed on the prompt.
Market Open Market Open
The UK gas system has opened long this morning following a rise in Norwegian flows and healthy wind levels. Gas prices have moved down at the front of the curve, while the far-curve has found little support from fuel markets as oil is stable, coal is down and carbon continues to increase. Wind levels are set to drop over the weekend and the start of the next week which has helped the Day-Ahead contract open at a strong premium. Temperatures are forecast to be around the seasonal norm, offering little direction to prices which are generally mixed this morning.

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

Brent Summary

Brent 1st-nearby prices have slumped to around $59.5/b following a strong loss yesterday, however, prices rebounded slightly due to expectations of OPEC production cuts.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas recorded a small loss, while commercial electricity moved higher – closing at 60.20ppt and £59.65/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 - 30-11-2018

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