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.
Fresh outages at gas fields continued to impact UKCS production and imports from Norway yesterday, offering support to near-curve contracts. Oil prices also rallied higher and the Pound weakened, contributing to gains further along the curve.
Gas prices moved higher yesterday afternoon, erasing some of the morning’s losses which were a result of an improved supply picture. Bullish pressure was provided later in the session as the impact of the Heimdal’s outage was revised higher and the Euro also strengthened against the Pound.
Gas prices initially opened higher yesterday as outages in the North Sea continued to impact the UK system. However, prices moved down as the session progressed following decreases on coal and oil markets. Norwegian flows also improved slightly and an outage at a Dutch storage site restricted exports to Europe, helping to weigh on contracts.
Gas prices displayed mixed movement yesterday with unplanned outages providing support on the near-curve. LNG nominations were also lower, with concerns in regards to French nuclear power also a factor behind any increases. Further out, Brent was rather stable for most of the session and provided little support to gas contracts.