|Market Close||Market Close|
|A warmer weather outlook continued to pressure down gas contracts yesterday as demand levels will decline over the next couple of weeks; a stronger Pound also helped to weigh on prices. The bearish movement was more evident at the front of the curve as losses further out were limited by a rebound in oil contacts.||Movement on the power curve was largely bearish yesterday with a rebound in the Pound helping to weigh on contracts. Losses on the gas market also transferred to their power counterparts and a milder weather forecast for next week continued to apply downward pressure.|
|Market Open||Market Open|
|The majority of contracts display a technical rebound this morning with losses on the prompt also limited by a weaker supply outlook for Friday. Demand levels in the UK are expected to be 20% above the seasonal norm tomorrow and the system is undersupplied due to weaker UKCS production. Next week’s wind forecast is also weak which will lead to a rise in CCGT generation, offsetting the effects of milder temperatures.||Power contracts have increased this morning with direction coming from strengthening gas, coal and oil. The prompt has been supported by a cold weather forecast for tomorrow, while low wind levels are also expected next week, with the losses filtering through to the rest of the near curve.|
Brent 1st-nearby prices have rebounded overnight and are back around $55.5/b, recovering losses recorded earlier in the week. Fundamentals are generally unchanged as the market awaits accurate data in regards to OPEC output figures.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 48.03ppt and £46.47/MWh, respectively.
Today’s prices can also be found in an easy to read table on or ‘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.