|The UK gas market was bearish at the end of 2018 with mild temperatures and healthy LNG send-outs pressuring down prices at the front of the curve. Meanwhile, falling coal and oil weighed on the back of the curve, while carbon’s bullish trend came to end.
|Power prices eased down on the 31st December with a milder weather outlook helping to weigh on prices at the front of the curve. Gas eased down and further downward pressure was provided by weaker coal and oil, although carbon stabilised following a strong bullish period.
|Near-curve gas prices display small gains this morning, while contracts further out are relatively unchanged. Prices have ignored a heavily oversupplied system and mild temperatures and instead find direction from a cold weather outlook for the second half of the month.
|Prompt power prices have inched higher due to stronger gas and carbon markets, while bearish oil and coal have limited upward movement further along the curve. Weaker wind generation and a drop in temperatures has also helped to lift the prompt.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent continues to move down and trades around $53.8/b this morning as the market continues to take direction from weak Chinese demand figures and doubts surrounding the impact of OPEC cuts.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity moved down – closing at 57.85ppt and £59.85/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.