|Market Close||Market Close|
|Gas prices traded down yesterday as the schedule for LNG cargoes arriving in the UK is a busy one. A short system had little impact on prices but temperatures were forecast to turn even colder as we head into the weekend.||Movement along the near power curve was largely bearish during Wednesday’s session, with numerous LNG deliveries expected to arrive in the UK, painting a healthier picture for gas supply. Further out, movement was limited as commodity markets displayed no major changes.|
|Market Open||Market Open|
|Gas prices have opened slightly higher this morning as despite the healthy LNG outlook, the system still remains short due to colder temperatures and very weak renewable power. Further out, a rebound in oil and carbon has offered some support.||The prompt has climbed higher this morning as solar availability has dropped to almost zero, wind levels hover around 1GW and colder temperatures are expected tomorrow. The short gas system also offers support to the near curve, while longer dated contracts have been pushed higher by a rise in carbon allowance contracts.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Today’s OPEC meeting to review current production cuts is the main talking point, with expectations that output will increase significantly and as much as 1.2 million barrels per day could be added to the market. Brent Crude has opened higher on the back of this and trades back above $64/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased slightly, while commercial electricity moved down, closing at 43.68ppt and £54.49/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.