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 contracts added to their price on Wednesday with unplanned outages continuing to impact supply levels; maintenance at the Gullfaks field in Norway reduced flows by 6.7mcm. Weaker oil did little to restrict upward movement further along the curve as coal strengthened significantly.
Gas prices moved down on Tuesday following a rise in Norwegian supply which resulted in a long system. LNG nominations at South Hook also ramped up and weaker coal & oil markets helped to pressure down contracts on the far-curve.
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.