|Market Close||Market Close|
|The warm weather ended with the bank holiday weekend and the cooler outlook for this week offered support to near-curve gas contracts in the morning. Flows via the Langeled pipeline improved but the system was slightly short, while a rise in coal and oil provided bullish pressure at the back of the curve.||Power prices displayed mixed changes throughout Tuesday’s session, with near-curve contracts erasing some of the morning’s gains and far-curve prices displaying small increases. A cooler weather forecast and weaker renewables offered support at the start of the session, while concerns regarding sanctions on Iran contributed to stronger fuel markets.|
|Market Open||Market Open|
|The system has opened 5mcm long this morning with demand levels sitting below the seasonal norm. However, this failed to weigh on prices, with bullish pressure provided by an issue at the Entry SEGAL pipeline and weak LNG send-outs. The oil market continues to offer support to far-curve contracts, although some resistance was provided by a stronger Pound.||Renewable power is expected to remain weak tomorrow which saw the prompt add to its price. The rest of the curve also moved higher with direction coming from the gas market. Sentiment further along the curve was also unchanged with strengthening oil outweighing a healthier Pound and a drop in coal.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices decreased yesterday evening as it was reported that the US would not withdraw from the Iranian nuclear deal, sparking a large sell-off. However, it was later confirmed that this was not the case and sanctions would be placed on Iran which led to prices hitting their highest levels since November 2014.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 53.45ppt and £52.72/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.