|Market Close||Market Close|
|Gas prices climbed higher on Friday as the UK gas system was undersupplied throughout the session. Outages at Kollsnes and Kristin were resolved but maintenance on the Vesterled pipeline restricted Norwegian flows. Further out, rising coal and oil provided additional support to contracts.||An expected drop in wind levels over the weekend and the start of this week helped to lift prompt power prices on Friday, with weak solar production also a factor. An afternoon rebound in oil prices supported contracts further along the curve, while coal contracts also remained bullish.|
|Market Open||Market Open|
|Prompt gas prices display further gains this morning as the system has opened 22mcm short due to on-going maintenance work at Norwegian pipelines. Oil prices have decreased slightly this morning but remain at a 9-week high, restricting downward movement on the far-curve.||Power prices are on the rise today, taking direction from rising gas and coal markets. Wind generation has also decreased significantly from Friday’s levels, further contributing to the gains, with solar power forecast to remain below the seasonal norm this week.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices trade at $51.8/b this morning following a small gain on Friday thanks to a lower US rig count, the third drop in six weeks. Meanwhile, OPEC and non-OPEC members are meeting in Abu Dhabi today to address the lack of production cuts in some countries.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 43.65ppt and £44.12/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.