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.
Prompt gas prices climbed higher yesterday afternoon on the back of maintenance at the Gullfaks gas field in Norway which will start today. Upward movement was slightly restricted on the near-curve as an LNG delivery is expected to arrive at the Isle of Grain today. Meanwhile, weaker oil prices helped to weigh on some contracts further along the curve.
Norwegian flows are back to normal levels this week which led to balanced gas systems across Europe on Monday; resulting in losses across the near-curve. Meanwhile, oil prices continue to weaken, helping to pressure down contracts further along the curve.
An improvement in Norwegian imports into the UK led to a long gas system on Friday which helped to weigh on near-curve contracts. A slightly cooler weather forecast limited some downward movement but another drop in oil prices resulted in losses further along the curve.
Gas contracts displayed mixed movement yesterday with a short UK gas system helping towards gains on the near-curve and falling oil weighing on prices further out. Cooler temperatures are expected to lift temperatures today and over the weekend which provided further upward pressure on prompt prices.
Gas prices recorded strong losses yesterday as Norwegian flows are on the rise with maintenance at the Kollsnes processing facility and the Troll gas field nearing an end. Downward movement on the far-curve was less prominent as stronger oil contracts continued to offer support.