|Market Close||Market Close|
|Gas markets displayed strong gains on Friday, pushed higher by the broader commodity market and improving global equities. The likelihood of an extension to OPEC production cuts was the main market driver for UK gas.||Power prices were dictated by higher gas, coal, oil & feedstocks and increased on Friday. The prompt also found support from a cooler weather and low wind generation forecast for this week.|
|Market Open||Market Open|
|The system has opened 15mcm long this morning despite a significant rise in gas-fired power demand due to weak wind levels, with cooler weather also lifting heating demand. This oversupply has helped to weigh on gas prices this morning, although the far curve is more resilient due to bullish oil.||Power prices are trading slightly lower this morning, as gas, coal and carbon markets have eased down, any movement is minimal as commodities and economies in Europe continue to strengthen.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices trade above £42/b this morning as an extension to production cuts was agreed between OPEC+ members and Russia, with prices expected to rally further.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased, closing at 31.76ppt and £41.60/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.