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.
Renewable power generation in the United Kingdom has broken numerous records this summer and even surpassed fossil fuels on one day in June.
A long system resulted in downward movement across the front of the curve yesterday, with falling oil weighing on prices further out. An increase in Norwegian and UKCS flows contributed to the oversupplied system, although imports via Langeled were still slightly restricted.
Gains were recorded across the gas curve on Friday as the system fell short due to on-going outages in the North Sea. This drop in supply helped contracts rebound after a bearish opening, with oil failing to offer much support in either direction.
Gas price displayed gains on Thursday as a result of unplanned outages affecting UKCS and Norwegian output. LNG send-outs were also slightly weaker and bearish oil prices had little impact on the far-curve.
Gas prices were bullish yesterday on the back of supply restrictions and a rise in Brent and coal. Output at the UK’s Cygnus gas field was restricted, while the outage at Heimdal was extended, resulting in a short UK gas system.