5th March 2021 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
The healthy LNG schedule helped to limit gains on the gas curve yesterday but overall sentiment was slightly bullish as the UK prepares for a period of colder weather and high demand. Very limited levels of renewable power and a colder weather forecast (with temperatures dropping 3-4 degrees below the seasonal norm) helped near curve power contracts add to their price during Thursday’s session.
Market Open Market Open
The gas curve has been pushed upwards by a strong increase on oil markets which has influenced the overall energy complex. Colder weather has also lifted demand above the seasonal norm, with this period expected to last for 4 or 5 days. An increase in oil has offered support to all energy markets, with power contracts adding to their price this morning. The cold weather outlook has also contributed to the gains, with consumption levels set to remain high until the middle of next week at least.

For a breakdown of the current generation mix visit our Power Generation Insights page.

Brent Summary

Unexpectedly, OPEC decided not to increase production levels next month, with most experts predicting a rise of 1.5 million barrels a day. This has led to a sharp rise in oil prices which now trade above $66.7/b.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased, closing at 44.73ppt and £55.38/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

energy price graph - 05-03-2021

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.