8th March 2021 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
The colder weather forecast helped near curve gas prices climb higher on Friday, with low renewable power generation also contributing to a stronger demand outlook. Further out, prices strengthened on the back of recovering oil markets. Low renewable power availability, below average temperatures, a tighter gas system and a rebound in oil were all contributing factors to the gains recorded across the power curve during Friday’s session.
Market Open Market Open
Contracts have increased across the gas curve this morning as a bullish oil market continues to support the global energy complex, with additional bullish pressure provided by a short UK gas system. The prompt is the exception to the upward movement displayed along the power curve this morning, recording a strong loss on the back of a healthier wind generation forecast for the rest of the week. The rest of the curve continues to follow rising gas and oil markets.

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

Brent Summary

Brent Crude nears $70/b as a drone attack on Saudi Arabian oil facilities has added to the risk premium, with markets already displaying a bullish trend as OPEC members agreed to extend production cuts on Friday.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased, closing at 46.22ppt and £57.03/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 - 08-03-2021

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.