|Market Close||Market Close|
|Gas prices inched higher during Tuesday’s session despite weak demand as annual maintenance at production facilities and unseasonably low storage levels offered support. Bullish commodities also helped towards gains at the back of the curve.||A rise in temperatures helped to limit gains at the front of the power curve yesterday, with warm weather expected for the majority of June. However, some supply constraints and rising fuel markets meant overall sentiment was bullish.|
|Market Open||Market Open|
|Warm weather continues to reduce demand, while wind levels also show a slight increase, reducing the UK’s reliance on gas-fired power. This has resulted in losses at the front of the curve, with additional bearish pressure provided by a drop in carbon allowances.||A healthy gas system and a warm weather outlook has contributed to downward movement on the power curve this morning. Wind levels have picked up to near 7GW today but these levels are expected to drop tomorrow, helping the prompt add to its price.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent Crude displays another small increase as yesterday’s OPEC meeting saw no change to the planned easing of production cuts, while the global demand outlook remained positive.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased, closing at 59.40ppt and £71.38/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.