31st July 2019 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices were almost unchanged by the end of the session, as an early morning sell-off was cancelled out in the afternoon. Power and carbon markets moved down, limiting the bullish pressure provided by a rise in oil, while coal was stable. Power prices traded down on Tuesday despite little direction provided by gas. Weaker carbon helped to weigh on some contracts, while the prompt was pressured down by improved fundamentals. Temperatures dropped towards the seasonal norm and wind levels were expected to ramp up today.
Market Open Market Open
The UK gas system has opened long again as demand levels have dropped due to cooler weather and improved wind generation. Flows are also up as the bulk of maintenance in Norway was completed. However, gas prices display little movement as fuel markets continue to show mixed movement. Power contracts display minor gains this morning with some bullish pressure provided by stronger oil markets. Coal and carbon have opened flat, while renewable generation is expected to drop below the seasonal norm again.

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

Brent Summary

Brent 1st-nearby prices continue to find support from the expected cut to interest rates in the US, with a Federal Reserve press conference scheduled for today. Brent currently trades above $64.7/b.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas increased, commercial electricity recorded a loss – closing at 49.21ppt and £54.21/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 - 31-07-2019

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