|Market Close||Market Close|
|Colder temperatures resulted in higher demand levels yesterday and prices across the near-curve increased. Storage withdrawals were needed to try and balance the system, providing further support, although a rise in LNG send-outs provided some resistance. Additional upward pressure was also applied in the afternoon following an unplanned outage at St Fergus. Further out, prices were pushed higher by rising coal and oil markets.||Power contracts tracked their gas counterparts on Monday with a drop in temperatures creating bullish sentiment at the front of the curve. However, healthy renewable generation was expected to continue today, limiting gains on the prompt. Meanwhile, an increase in coal and a rebound in Brent helped to lift contracts at the back of the curve.|
|Market Open||Market Open|
|The outage at St Fergus continues to provide support this morning, with 21mcm removed from the system for at least another day. Despite this, the system opened 1mcm long due to a drop in demand, although levels are still above the seasonal average. Contracts at the back of the curve display further gains as the oil market continues to strengthen.||Gains on the gas curve have transferred to power this morning, with supply constraints the main factor behind the increases. Solar power has improved, offsetting a drop in wind power which has kept CCGT demand low. Sentiment at the back of the curve is largely unchanged with support coming from strengthening fuel markets.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent displays a rebound this morning with efforts made by OPEC nations to cut production having an impact on prices; Brent currently trades above $74.1/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 52.37ppt and £51.85/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.