Apollo Energy publishes a daily energy market analysis, focusing on the gas, power and oil markets including a commentary on how the markets close and open. Our analysis provides insight on how the markets are performing and also considers various factors which could dictate price changes in the future.
The analysis also contains a graph which tracks the one-year forward price of both gas and electricity as well as changes to Brent crude oil.
Gas contracts displayed a drop yesterday afternoon as the market attempted to correct itself following strong support from a rise in commodity and equity shares in the previous session. A drop in Norwegian supply helped to lift near-curve contracts in the morning, while movement on oil contracts was minimal.
A drop in Norwegian supply offered support to near-curve contracts on Monday as the UK gas system fell short. Further along the curve, prices took direction from rising commodity prices, with Brent continuing to rally higher.
Gas contracts moved higher on Friday with direction coming from a drop in Norwegian imports due to maintenance, offering support to prices on the near-curve. Further out, a surge in oil prices helped towards gains but a stronger Pound restricted some of the upward movement.
Near-curve gas contracts moved higher on Thursday as maintenance at a major Norwegian gas field is to be extended which will result in short supply. This on-going maintenance will reduce Norwegian flows by 26.5mcm from the 20th of June for seven days. Movement further along the curve varied with weaker oil prices weighing on some contracts.
Sources claim that production at the Groningen gas field in Holland may be reduced further, potentially impacting supply levels across Europe.