|Market Close||Market Close|
|The initial impact on prices following the decision to cut production at Groningen was quite subdued on Thursday; the 12 bcm/year quota is now scheduled for October 2022, later than originally targeted. The prompt was one of the few contracts to display a large gain due to a tight system and a colder weather forecast for the bank holiday weekend.||A healthier wind generation forecast for the weekend and the start of this week helped the prompt shed from its price. Colder weather was expected over the Easter break, restricting losses on the near-curve but temperatures weren’t predicted to be as low as initially feared. Further out, contracts continued to find direction from a bullish coal market.|
|Market Open||Market Open|
|Temperatures are set to improve later in the week which has helped to apply bearish pressure to contracts at the front of the curve, with the prompt shedding 2ppt from Thursday's opening price. The system is also balanced thanks to healthy supply, with 4 LNG deliveries expected to dock in the UK this month. Meanwhile, Brent has recorded a strong loss, helping far-curve prices to trade lower.||An expected drop in wind generation tomorrow has helped Day-Ahead power move higher but movement along the rest of the near-curve is bearish due to a milder weather forecast and healthy gas supply. Coal continues to increase but this has failed to support contracts at the back of the curve, with direction coming from a drop in Brent.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have decreased by $1.70/b over the Easter weekend to trade at $68/b this morning, with bearish pressure provided by a drop in US equities and a halt in trading on many markets.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 46.82ppt and £47.66/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.