|Market Close||Market Close|
|A downward revision in temperatures for the next 7 days helped towards some increases on the near-curve yesterday. The upward movement was limited by strong wind levels which reduced CCGT demand and resulted in an oversupplied system. Meanwhile, coal shed from its price and oil stabilised, restricting gains at the back of the curve.||Healthy wind levels helped Day-Ahead power move down on Wednesday but the rest of the near-curve was bullish on the back of a higher demand forecast and an expected drop in renewable generation next week. Bearish coal helped to apply downward pressure at the back of the curve, with little support provided by Brent.|
|Market Open||Market Open|
|An expected rise in demand on the back of a colder weather outlook for next week has offered support to the gas curve this morning, with a drop in BBL flows also a factor behind the gains. However, the main driver of European markets this morning is the possibility of significant production cuts at the Groningen gas facility in the Netherlands due to safety concerns, read more here.||Near-curve power prices have been pushed higher by increases on the gas market and a colder weather outlook for the start of February. Prices at the back of the curve have also moved higher with direction coming from a recovery on coal and oil markets.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent has stabilised just below $69/b following a rebound from Tuesday’s losses. The bearish movement earlier in the week was caused by an increase in US crude stocks.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 46.51ppt and £46.65/MWh, respectively.
Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page.
Click graph to enlarge
If you would like to learn more about how Apollo Energy can help your business find the best deal on its gas and energy contracts then feel free to get in touch by calling us on 01257 239500 or using the form on our contact form.