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.
Profit taking by traders resulted in losses on the gas curve yesterday, while overall fundamentals were generally comfortable. Demand levels weakened which contributed to downward movement on the near-curve and weakening oil prices pressured down contracts further out.
Gas prices fluctuated throughout Wednesdayâ€™s session as Centrica announced that injections and withdrawals at the Rough storage facility will cease, temporarily due to some issues. This helped to weigh on near-curve prices, while contracts further out increased.
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.