|Market Close||Market Close|
|Gas prices increased strongly on Monday with the coal market providing on-going support across European energy markets. Oil prices inched down following significant upward movement on Friday, while a comfortable system helped to limit gains at the front of the curve.||Power contracts moved higher across the curve yesterday, with weak renewable generation offering support to the prompt. Warm weather was an additional bullish factor as it continued to lift demand for air conditioning and reduced hydro reserves. Further out, prices continued to take direction from rising coal prices.|
|Market Open||Market Open|
|The UK gas system has opened short this morning following a slight rise in demand, as a result of weak wind levels. This has helped towards further gains at the front of the curve, with bullish coal continuing to dictate the far-curve, with little resistance provided by power and oil markets.||Power prices remain bullish this morning and have followed their gas counterparts at the front of the curve, with weak renewables and strong cooling demand helping the prompt climb higher. The overall context at the back of the curve is the same as yesterday with coal continuing to act as the main market driver.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have dropped to $77/b as oil producing nations have followed Saudi Arabia and increased output. However, Libya was the exception to the rise in production levels due to supply disruptions which helped to limit the downward movement.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 58.47ppt and £56.70/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.