|Market Close||Market Close|
|The UK gas system was oversupplied on Wednesday following a rise in UKCS flows via Bacton Seal, while a jump in wind levels led to a decrease in gas-fired power generation. Meanwhile, LNG send-outs were above 50mcm with numerous deliveries expected to arrive from Qatar over the next fortnight. This healthier supply picture helped near-curve gas contracts to fall but rising Brent provided support further out.||High UKCS production and a rise in Norwegian flows via the Langeled pipeline has kept the gas system in strong oversupply this morning, resulting in a healthy loss on the prompt with downward movement also evident on the rest of the near-curve. However, another increase in oil has led to some gains on the far-curve.|
|Market Open||Market Open|
|The gas market was the main factor behind changes on the power curve yesterday with prices on the near-curve displaying a loss, while the far-curve was generally stable. Downward movement further along the curve was limited by an increase in Brent and prompt prices followed their gas counterparts and moved down.||Similar to yesterday, power contracts mirror the movement displayed on the gas curve this morning with losses at the front of the curve and some increases further out. A rebound in oil has offered support to a number of contracts on the far-curve, while healthy gas supply is the cause behind the prompt's decrease.|
Brent 1st-nearby prices have increased by around $1/b to trade just below $48.7/b this morning. The rebound came as a result data which showed a significant drop in crude oil stocks last week, the largest weekly drop in over three decades.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas recorded a small loss, while commercial electricity increased slightly - closing at 37.01ppt and £41.28/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.