|Market Close||Market Close|
|Gas prices inched higher during yesterday’s session with bullish pressure provided by increases on the oil market and a cooler weather outlook. Residential demand was higher than the previous session and Norwegian supply was weaker due to an outage, meanwhile, rising coal continued to offer support on the far-curve.||The majority of power contracts displayed small gains yesterday with direction coming from the gas and oil markets. Consumption was around the seasonal norm and renewable generation was stable, capping some of the upward movement on the near-curve.|
|Market Open||Market Open|
|The UK gas system is oversupplied this morning due to a rise in UKCS production and stronger storage withdrawals which has helped to restrict some of the upward movement at the front of the curve. The European supply picture is also healthy thanks to substantial Russian imports and stable flows from the UK to Belgium. Rising coal remains supportive but the overall outlook for today is stable-to-bearish.||Movement on the power curve is mixed this morning with Day-Ahead being pushed higher by cooler weather and a drop in wind generation. Oil prices are slightly down from yesterday due to higher US stocks, while coal is stable as production issues caused by Cyclone Debbie are being resolved.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices moved close to a 1-month high on Wednesday, climbing above $55/b. However, prices dropped later in the session following the release of the EIA report and trade at $54.41/b this morning.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity posted a minor increase – closing at 44.03ppt and £43.10/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.