|Market Close||Market Close|
|A drop in Norwegian exports and weaker LNG send-outs tightened the UK gas system yesterday, resulting in early morning gains on the near-curve. However, these gains were erased as the session progressed as demand levels are set to remain low today and over the weekend. Far-curve prices showed minimal movement with coal and oil markets largely unchanged.||Changes on the power curve were mixed on Thursday, although the changes in either direction were minimal. Downward movement on the far-curve was a result of small price drops on the coal and oil markets. Meanwhile, the renewable generation forecast was unchanged, with wind levels forecast to increase next week.|
|Market Open||Market Open|
|Gas prices continue to move down this morning as Norwegian flows have increased via the Langeled pipeline and the gas system is oversupplied despite limited LNG send-outs. Coal prices display a loss and Brent has decreased significantly, weighing on contracts further out. Despite today’s bearish outlook, prices are expected to rebound next week as cooler weather and increased gas-fired generation will push demand levels higher.||Power prices are still erratic this morning as renewable generation is set to rise over the weekend. Solar power is expected to drop next week due to heavy cloud cover but wind generation should remain relatively high. Elsewhere, weaker gas and oil markets have applied downward pressure to some contracts, while coal has stabilised.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices recorded strong losses yesterday as Donald Trump announced the US would be looking to renegotiate the Paris climate agreement. Yesterday’s EIA stocks report was rather supportive but failed to restrict the bears and Brent now trades around $49.7/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 42.55ppt and £42.67/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.