|Strong EUA and power prices provided support to European gas prices yesterday despite a weakening in Brent prices. Gas supply flows from Norway and Russia remained weak which continued to support prompt contracts on the back of low stock levels.
|On the far curve, CO2 prices made a major comeback which was likely technical since they have retracted all the losses of the past week. It was also backed by bullish coal prices. Power price gains seen across all markets yesterday.
|EUA prices are trading at a new 10 year high this morning, remaining supportive for European gas prices. A sharp increase in temperatures above seasonal norms are an offsetting factor. Stable to bullish behaviour expected.
|Coal and gas are both up today, leading to gains in German and UK power prices. Stock markets are also up after a few soft days, lending support to a bullish outlook.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent has lost 3 dollars since its Tuesday spike and is now trading at $76.6/b this morning. Brent now has to choose either to jump to the $80/b reference level on US sanctions or continue to decline amid trade war uncertainties.
1-year forward prices
Market close data revealed that the 1-year forward price for both commercial gas and commercial electricity increased – closing at 70.83ppt and £67.68/MWh.
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Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page.
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.