|Market Close||Market Close|
|Low demand helped the system open slightly long yesterday but maintenance at Norwegian gas facilities will weaken supply this week and offered support to the near-curve. Brent climbed higher in the afternoon as refineries on the Texan Coast began to re-open, while coal also displayed increases.||Power contracts moved higher yesterday with the stronger increases displayed at the back of the curve. An improved renewable generation forecast for the coming days helped to restrict bullish movement on the prompt but the rest of the curve was pushed higher by more expensive coal, gas and oil markets.|
|Market Open||Market Open|
|The UK gas system is undersupplied this morning as a result of planned maintenance restricting Norwegian imports to the UK. Exports via the IUK pipeline are also 12mcm higher, further stretching the system. Cooler temperatures have lifted residential demand slightly but higher wind generation has reduced CCGT power, limiting some of this morning’s gains.||Power prices display gains this morning with direction coming from rising coal, gas and oil. A healthier wind generation outlook for this week has helped to cap upward movement at the front of the curve. However, the far-curve is supported by stronger fuel markets and a weaker Pound.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent increased yesterday afternoon as demand ramped up following the restart of oil refineries in the US which were temporarily closed due to Hurricane Harvey; Brent trades above $52.4/b this morning.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 45.41ppt and £46.07/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.