|Market Close||Market Close|
|Day-Ahead gas climbed higher on Friday after dropping to its lowest prices for seven years on Thursday, with the gains filtering through to the rest of the near-curve. A drop in Norwegian imports via the Langeled pipeline in the afternoon resulted in an undersupplied gas system, with weaker LNG send-outs also a factor.||Healthy wind generation failed to restrict upward movement on the prompt towards the end of Friday's session, with rising gas providing strong support. Oil prices also turned bullish in the afternoon which led to gains further out, ignoring weaker APi2 coal.|
|Market Open||Market Open|
|The UK gas system remains significantly undersupplied this morning as UKCS production remains low due to unplanned outages; this has led to further gains at the front of the curve. Higher storage injections has also resulted in demand levels rising to 29% above the seasonal norm. Further out, prices have been pushed higher by an increase in Brent over the weekend.||Power contracts have followed the movement of gas this morning and gains can be observed across the curve. The Day-Ahead contract has posted a huge gain of £10.08/MWh, with influence coming from its corresponding gas contract and weaker fundamentals. Meanwhile, rising oil and coal contracts have provided additional support further along the curve.|
Brent 1st-nearby prices display a strong rebound this morning following a decrease of around 8% last week, however, the rise is thought to be a result of market resistance rather than bullish fundamentals; Brent currently trades at $47.75/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas was unchanged, while commercial electricity increased slightly - closing at 38.40ppt and £42.05/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.