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 prices increased across the near curve on Monday with support provided by unplanned outages and weak renewable power which will lift CCGT demand later in the week. The trend was also bullish further along the curve as coal, carbon and oil markets moved higher.
Gas prices moved down Friday afternoon on the back of a sharp drop in Brent as China could impose duties on American oil. EUA prices also fell to their lowest levels since May following this news. Weaker fuel markets offset the effects of a limited supply, with low demand levels also contributing to the bearish sentiment.
A short system helped near-curve gas contracts climb higher on Wednesday, although an expected surge in wind power was expected overnight, weighing on the prompt. The closure of the IUK pipeline led to a halt in exports but outages in the UKCS limited supply levels. Further out, the majority of prices displayed gains with direction coming from increases on coal and oil markets.
Scheduled outages at facilities in the UK Continental Shelf limited flows to the UK yesterday, providing support to contracts at the front of the curve in the afternoon; although gains were capped by weak demand levels. Further out, prices were pushed higher by rising EUA carbon contracts, however, bearish Brent offered some resistance.