|Market Close||Market Close|
|Cold weather pushed near-curve gas contracts higher on Tuesday, with low nuclear availability in France also a factor, as extra gas-fired generation will be required to make up the shortfall. Meanwhile, bullish movement on the oil market eased in the afternoon, helping to erase some of the morning’s gains.||Cold temperatures remained the main market driver for the front of the power curve yesterday, contributing to gains across the near-curve with the exception of the Day-Ahead contract. Day-Ahead was instead pressured down by healthier wind levels which were forecast for today, while far-curve contracts settled in the afternoon following a bullish opening.|
|Market Open||Market Open|
|Temperatures are set to remain unchanged for the next week and this continues to provide on-going support to the near-curve. However, the system is long despite higher LDZ and CCGT demand as Norwegian and UKCS production is strong. Healthy flows are expected via Langeled for the foreseeable future, helping to restrict some of the upward movement. Minor changes can be seen further along the curve as a drop in Brent has provided some resistance.||Comfortable wind generation is expected to continue tomorrow, resulting in another loss on the prompt. Movement on the rest of the curve is mixed with high heating demand and delays at French nuclear units countering the effects of weaker coal and oil markets.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent prices have softened this morning following strong gains on Monday and Tuesday, with weaker oil import data released in China helping to weigh on the market. However, the overall trend remains bullish due to on-going issues in the Middle East and positivity surrounding an extension to OPEC cuts.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased slightly, while commercial electricity posted a loss – closing at 47.73ppt and £46.70/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.