|Market Close||Market Close|
|Gas prices on the near-curve recorded small gains during yesterday’s session, with weak LNG supply and a rise in storage injections offering support. However, resistance was provided by improved Norwegian flows which resulted in an oversupplied system. Sentiment further along the curve was slightly bearish despite rising coal prices as the oil market stabilised.||Power contracts displayed small losses on Wednesday as fuel markets provided little direction, with no major price movements. Renewable generation was expected to show a small improvement today, weighing on the prompt, while the far-curve inched down thanks to an uneventful session for coal and oil.|
|Market Open||Market Open|
|The system has opened 20mcm long this morning as CCGT demand has decreased slightly and Norwegian supply is unchanged. Warm weather continues to reduce residential demand but exports via the IUK pipeline are strong, limiting overall capacity. As a result of the improved supply picture, gas prices have moved down with a slight drop in Brent weighing on contracts at the back of the curve.||Temperatures are expected to remain above average for the next fortnight at least, which will lift cooling demand in the UK. However, this has had little impact at the front of the power curve as wind levels are up and the gas system is oversupplied; resulting in losses. The back of the curve has also weakened slightly, despite rising coal as the outlook for oil prices has turned slightly bearish.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have stabilised around $78/b with Donald Trump continuing to put pressure on Saudi Arabia to increase its output in order to lower prices.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 57.50ppt and £56.33/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.