|Market Close||Market Close|
|Short-term weather forecasts are rather mild for this time of year and wind generation has improved, resulting in losses on the near-curve yesterday as systems across Europe were oversupplied. Further out, prices were influenced by a weaker coal market, while oil prices stabilised.||Wind generation has improved significantly from last week’s levels and this is expected to continue until the end of the week, helping the prompt shed from its price yesterday. The rest of the curve also moved down due to a combination of weaker gas and coal markets, as well as a drop in consumption.|
|Market Open||Market Open|
|Gas prices continue to move down this morning as the UK continues to experience milder weather. The system is 35mcm long due to healthy UKCS production and improved Norwegian flows, while strong wind generation has reduced CCGT demand. Meanwhile, oil prices continue to hold their price and coal contracts remain bearish, contributing to losses at the back of the curve.||Healthy wind generation continues to weigh on the Day-Ahead contract this morning, with the losses filtering through to the rest of the near-curve thanks to milder weather which has reduced heating demand. A weaker coal market has provided additional downward pressure at the back of the curve, with Brent almost unchanged from yesterday.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices are stable at present, showing a rise of just $0.07/b since yesterday’s open. The market currently lacks direction as the impact of OPEC production cuts has been countered by rising shale output in the US.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 47.65ppt and £46.59/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.