|Market Close||Market Close|
|A milder weather outlook for next week helped to weigh on near-curve gas contracts during Thursday’s session. However, the current cold spell helped to lift the prompt as residential demand rose to its highest level since February. Movement further along the curve was generally bearish as coal and oil markets weakened and the Pound strengthened against the Euro.||Wind levels were forecast to drop today which helped Day-Ahead power climb higher, while cold temperatures limited any downward movement on the rest of the near-curve. Meanwhile, the Pound continued to recover against the Euro and fuel markets eased, resulting in some losses on the far-curve.|
|Market Open||Market Open|
|Temperatures have been revised down for the second week of December which has helped near-curve gas contracts increase this morning. The system has also opened 20mcm short due to a drop in storage withdrawals, supporting the prompt. Further out, contracts have risen on the back of a rebound in oil prices following yesterday’s news regarding an extension to oil cuts.||Power prices track their gas counterparts this morning, with cold weather and limited renewable generation contributing to bullish movement at the front of the curve. Movement on the coal market is minimal but oil prices have rebounded, lifting contracts at the back of the curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent hit a 10-day low yesterday afternoon but have rebounded back above $63.2/b this morning as OPEC and non-OPEC producers agreed to extend production cuts until the end of 2018, read more here.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 48.45ppt and £47.20/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.