|Gas prices moved down during Friday’s session, following weakness on coal and oil markets. Flows from Norway also improved which helped to balance the system, while healthy wind levels reduced demand for gas-fired power.
|Power prices displayed mixed movement on Friday with near-curve contracts trading higher on the back of colder temperatures which will lift demand at the start of this week. Further out, prices fell, with direction provided by a drop in coal, gas, oil, carbon and feedstocks.
|The UK gas system is oversupplied this morning despite higher demand levels, caused by cold temperatures. Increased flows from Norway have contributed to the oversupply, while LNG send-outs and storage withdrawals are little changed. Gas prices have moved down as a result, with minimal direction offered by fuel markets.
|Power prices have followed gas, coal and carbon markets and opened at a discount this morning. The prompt has shed from its price due to an expected rise in wind generation, while temperatures around the seasonal norm are forecast for later in the week.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display a strong loss from Friday’s open as oil markets were dictated by global oversupply. Brent displays a slight rebound this morning due to expectations of OPEC production cuts but currently trades around $60.5/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 42.48ppt and £47.80/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.