|Market Close||Market Close|
|The system was short yesterday due to a significant drop in Norwegian flows following an unplanned outage, however, gas prices were bearish at the front of the curve due to a weaker demand outlook. Windy and milder weather should reduce demand, while LNG send-outs remained comfortable on the continent. Meanwhile, weaker coal and oil weighed on the far-curve.||Power prices decreased on Wednesday, following their gas counterparts with direction coming from a drop in carbon and the expectation of mild temperatures. Wind levels were also forecast to pick up today, weighing on the prompt, while bearish coal and oil pressured down the far-curve.|
|Market Open||Market Open|
|Fundamentals are unchanged this morning with commodity markets weakening further and the supply/ demand outlook continuing to look comfortable for this time of year. Losses can be observed across the gas curve, although Norwegian outages continue to restrict supply and the system is still undersupplied.||Temperatures have received another upward revision for the coming days, while wind levels have improved further today. This has helped power contracts shed from their price, while the back of the curve continues to follow falling fuel markets.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices moved down yesterday and trade close to $61.6/b this morning ahead of the important OPEC meeting; traders expect the announcement of production cuts which will help support the market.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 58.75ppt and £57.70/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.