|Market Close||Market Close|
|Despite an oversupplied system, gas contracts added to their price on Friday as cold temperatures were forecast for this week which will test supply. Bullish oil also contributed to gains, with recoveries displayed across all fuel markets.||Power contracts ended the week higher, with the high demand outlook dictating UK prices on Friday. A drop in renewables was also expected over the weekend, while commodity markets traded higher, adding to the bullish sentiment.|
|Market Open||Market Open|
|Gas prices are up across the curve this morning as the UK prepares to be hit by the ‘Beast from the East’, bringing very cold temperatures which will lead to a significant rise in heating demand. Further out, contracts have also found additional support from rising carbon and oil.||Sentiment along the power curve is similar to gas, with temperatures set to drop well below the seasonal norm this week, resulting in higher gas and power consumption. Commodities are also supportive, while renewable levels should remain consistent, offering some resistance on the prompt.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent Crude displays additional gains this morning as optimism surrounding a global economic recovery and mass vaccine roll outs boosting oil demand forecasts; OPEC production cuts are also a contributing factor behind any increases.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased, closing at 49.61ppt and £58.68/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.