|Market Close||Market Close|
|Yesterday saw the largest single day drop in the price of oil since the Gulf War in 1991 when the price of Brent Crude fell by 35%. This has pressured down energy and equity markets across the Globe with UK gas markets following suit, helped by a better supply/ demand outlook.||Power prices followed gas yesterday as a severe drop in oil prices dictated global markets. Near-curve prices displayed the larger gains as temperatures were forecast to warm up over the coming week and healthier wind generation is expected.|
|Market Open||Market Open|
|Oil displays a slight rebound this morning which has offered support to equity futures in Europe. In terms of supply, the system has opened balanced and milder weather should weigh on demand this week. Gas prices are caught in the middle of these contrasting fundamentals and are largely stable at the start of the session.||Oil, coal and carbon markets have rebounded this morning, providing support to the power curve which displays some gains. However, overall sentiment on markets is little changed, while expectations of improved wind levels and milder weather continues to cap upward movement at the front of the curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have rebounded slightly but sentiment remains extremely bearish as Russia signalled its intention to increase oil output, while the Coronavirus has crushed global demand with Italy in complete shutdown.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 28.98ppt and £38.10/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.