|Tighter supply levels in the UK resulted in higher spot contracts on Thursday, with rising coal supporting prices further out. Maintenance at the Vesterled and Forties pipelines impacted Norwegian & UKCS supply, however, the outage at Kollsnes was resolved.
|Sentiment on the power curve was bullish yesterday with support coming from rising coal and gas markets. Higher renewable generation helped to weigh on the prompt but these high levels will be short-lived, contributing towards gains on the rest of the near-curve.
|Restraints on Norwegian supply have been lifted and this has helped to cap gains on the near-curve this morning, weaker oil has also pressured down contracts at the back of the curve. Some support has been provided by a weakening Pound but the short-term outlook is stable-to-bearish.
|Power contracts have added to their price this morning, with more prominent gains displayed at the front of the curve. Wind output is high today but levels are expected to drop tomorrow and will remain low at the start of next week; solar power should improve over the weekend but will weaken on Monday.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have moved down following a rise in US shale output, erasing the gains recorded earlier in the week. Traders will now cast their eye on the US job report which will impact the strength of the Dollar.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 43.05ppt and £43.82/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.