|Market Close||Market Close|
|High demand helped towards gains on the near gas curve yesterday, with on-going support provided by the earthquake near Groningen which has affected production. An expected drop in wind generation today also contributed to upward movement on the prompt. Further out, prices continued to find support from a bullish oil market.||Power contracts moved higher with direction coming from stronger gas and oil markets. A weaker wind generation forecast for today helped the prompt close at a premium, while some bearish resistance was provided at the back of the curve by a drop in coal prices.|
|Market Open||Market Open|
|Temperatures have been revised upwards for next week which has helped towards a small loss on the prompt. A drop in wind generation has resulted in higher CCGT demand but residential demand is slightly lower and the system remains oversupplied, capping bullish movement on the rest of the near-curve. Meanwhile, increases on the oil market continue to lift contracts further out.||Wind generation is expected to remain low tomorrow and heating demand is expected to increase slightly; Day-Ahead power has moved higher as a result. A milder weather outlook for next week has contributed to some losses on the rest of the near-curve, while another drop in coal has limited the impact of rising Brent at the back of the curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have recorded a significant increase and trade around $69.1/b this morning. This increase is a result of fresh API data which showed an 11.2Mb drop in US commercial crude stocks during the first week of 2018.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased slightly – closing at 49.45ppt and £47.82/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.