|Market Close||Market Close|
|Gas prices traded down during Monday’s session as global markets weakened due to the aggressive economic tactics currently being deployed by the US. Oil displayed a strong loss, while coal also moved down. Meanwhile, high storage levels and healthy LNG send-outs provided additional bearish pressure at the front of the curve.||Power prices were pressured down by weaker gas, carbon and oil markets and displayed losses throughout the session, while coal was the only contract to stabilise. Wind and solar levels were up, which reduced gas demand, while temperatures remained mild.|
|Market Open||Market Open|
|The UK gas system is 3.6mcm short this morning as a drop in wind levels has led to a sharp rise in gas-fired power demand. A decrease in temperatures has also lifted residential demand, while supply is similar to yesterday. As a result, prices display gains, although weak oil has limited upward movement further along the curve.||Power prices have followed their gas counterparts this morning and moved higher. Wind levels have fallen which has increased reliance on gas-fired generation, with cooler weather also lifting consumption levels.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display further losses this morning and currently trade below $61.3/b, with global economic issues dictating the market. In other news, OPEC members are due to meet at the end of June to discuss the possibility of extending production cuts.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas moved higher, while commercial electricity displayed a loss – closing at 47.63ppt and £51.98/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.