|Market Close||Market Close|
|Gas prices displayed a minor rebound in the UK yesterday with a weaker Pound offering support to the curve. An undersupplied system, colder weather and a more limited wind outlook also contributed to gains.||Power prices followed gas markets on Monday and moved higher on the back of a weaker Pound which has made importing from European markets more expensive. The near-curve also found additional support from a downward revision in temperature forecasts.|
|Market Open||Market Open|
|The UK gas system is balanced this morning, while commodity markets have moved in different directions; oil has rebounded, while coal, power and carbon are stable-to-bearish. Gas prices have opened relatively flat on the back of this lack of direction.||Temperature forecasts have shifted again and are expected to be a touch warmer later in the week which has helped to cap upward movement on the near-curve. A rise in oil prices has also been largely ignored as other fuel markets are stable, resulting in only minor changes on the power curve this morning.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices are showing signs of recovery as OPEC members are set to meet today, with an announcement of further production cuts a strong possibility. Cuts are likely to be imposed in the second quarter of this year to counter the economic impact of the Coronavirus; Brent currently trades around $53.2/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 30.04ppt and £38.85/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.