31st January 2020 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
The majority of gas prices decreased yesterday as milder temperatures are expected, while wind generation is set to remain healthy until the weekend at least. Weaker coal, oil and carbon markets also helped to apply further downward pressure at the back of the curve. Power prices moved down along with feedstocks and coal on Thursday, with falling gas also a factor. Strong wind levels pressured down the prompt, while temperatures for the coming weeks were revised higher.
Market Open Market Open
The UK gas system is oversupplied this morning on the back of low demand which has helped to weigh on the near-curve. Warmer temperatures are also expected over the 15-day forecast, while commodity markets show little upside. Power prices have weakened further this morning, with coal, gas, carbon and feedstock contracts all moving down, as global energy markets focus on the current health crisis in China. Meanwhile, short term fundamentals are healthy as mild weather and healthy wind production is expected.

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

Brent Summary

Brent 1st-nearby prices are stable but traders continue to wait to see the full impact of the Coronavirus outbreak in China; Brent currently trades around $58.3/b.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 30.05ppt and £39.18/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 - 31-01-2020

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