7th November 2017 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices increased on Monday following strong growth on the oil market and a rebound in coal prices. Cold temperatures continued to lift demand levels in the UK which resulted in a short system in the afternoon, requiring an increase in storage withdrawals. The power curve found support from rising gas, coal and oil markets yesterday with the majority of contracts adding to their price. The prompt was one of the few exceptions to the bullish trend and was pressured down by an improved wind forecast for today.
Market Open Market Open
Temperatures are set to remain below average until early next week at least, providing support to the near-curve this morning. However, the system has opened long due to healthy Norwegian supply, restricting the bullish impact. Further out, a stronger oil market continues to push contracts higher. Gains can be observed across the power curve this morning as colder temperatures and bullish fuel markets continue to dictate prices. Brent sharply increased yesterday following news from Saudi Arabia, while the return of a number of French nuclear units have been delayed, providing additional upward pressure.

For a breakdown of the current generation mix visit our Power Generation Insights page.

Brent Summary

Brent has surged above $64/b following political arrests made in Saudi Arabia, combined with other geopolitical situations, read more here.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 47.65ppt and £46.82/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 

energy price graph - 07-11-2017

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