|Gas prices decreased during Tuesday’ session, erasing most of the gains recorded at the end of last week. Oil prices retraced slightly which eased the bullish pressure, although carbon was more resilient.
|Power prices moved down yesterday, tracking movement on the gas curve, with healthy wind levels helping to weigh on the Day-Ahead contract. However, a rise in coal and carbon offered some resistance further along the curve.
|The UK gas system is marginally undersupplied this morning which has resulted in a gain on the prompt, also limiting losses for some contracts on the near-curve. Meanwhile, temperatures are slightly colder but the impact has been offset by healthy supply levels.
|Most power contracts are stable this morning with little change to gas, coal and oil prices, although carbon remains slightly bullish. Wind and hydro generation is down which has helped to push the prompt higher, with colder temperatures also a factor.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices shot up to around $71.2/b following missile strikes on US bases in Iraq but have quickly dropped back to around $68.7/b as tensions seemed to have eased. The Iranian Foreign Minister also tweeted: “we do not seek escalation or war, but will defend ourselves against any aggression” – hinting towards a peaceful conclusion.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 36.35ppt and £43.60/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.