|Market Close||Market Close|
|Gas prices increased yesterday with support coming from the oil market which turned bullish following the weekend’s G20 meeting. An expected drop in temperatures also helped to lift the prompt and winter contracts, with additional upward pressure provided by a rise in carbon.||Power prices were pushed higher by rising gas, coal and oil, with an increase in biomass feedstock prices also a factor. Meanwhile a cold weather outlook and a weak wind generation forecast for today helped the prompt strengthen.|
|Market Open||Market Open|
|The system has opened long this morning despite cold temperatures and drop in wind generation. Norwegian flows have increased, helping the UK to cope with the rise in demand which helped to weigh on near-curve contracts. Coal and carbon markets are also down, helping towards losses at the back of the curve.||Fuel markets have eased down this morning with the exception of oil, contributing to losses across the power curve this morning. The short term weather forecast has also been revised slightly higher and wind levels should also pick up, providing additional bearish pressure.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
The expectations of production cuts, led by OPEC, in addition to a drop in Canadian output continues to offer support to Brent this morning which currently trades around $61.7/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 60.10ppt and £59.50/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.