|Market Close||Market Close|
|Gas prices erased their morning’s gains on Thursday as the demand forecast for the coming days is weak, negating the effects of reduced Norwegian flows. Rising oil offered support at the start of the session but a decrease on coal and carbon markets helped far-curve contracts move down in the afternoon.||Power prices eased down yesterday afternoon following a bullish opening to the session, with direction coming from a sell-off on the gas market. However, losses on the prompt were minimal due to low wind production. Prices at the back of the curve were also pressured down by weaker coal and carbon contracts, ignoring rising Brent.|
|Market Open||Market Open|
|Warm weather is still contributing to below average demand levels, although weak renewables have resulted in higher CCGT demand. Near-curve prices display losses on the back of this low demand outlook, although outages in Norway have limited the downward movement. Movement at the back of the curve is also bearish, although the oil market continues to provide resistance.||Power prices track the movement of gas this morning with warm weather dictating prices at the front of the curve and falling coal & carbon markets the main factor behind price-drops further out. Bullish factors such as low wind levels and rising Brent have been largely ignored this morning.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display further gains as OPEC producers are being rather secretive in regards to their output targets for the next meeting, suggesting any cuts could be minimal; Brent currently trades at $78.75/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 56.43ppt and £55.49/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.