10th March 2021 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
A balanced UK gas system and strong LNG outlook resulted in losses across the near curve, with renewable power generation also expected to increase today. Further out, contracts were pressured down by a retracement in oil prices. A stronger wind generation forecast for today helped the prompt shed form its price, although cooler weather offered resistance. The rest of the curve displayed minor losses, following falling gas, coal and oil.
Market Open Market Open
Gas prices have started the session strongly, ignoring an oversupplied system. Today’s bullish sentiment has been caused by the drop in temperatures and unplanned outages at Norwegian facilities which has limited imports into the UK. Wind generation has increased this morning and similar levels are forecast for tomorrow, resulting in another loss on the prompt. However, the rest of the curve has followed gas and moved higher.

For a breakdown of the current generation mix visit our Power Generation Insights page.

Brent Summary

Brent Crude displays another decrease this morning and trades around $67.5/b, although rising carbon and EUA markets offer some support. This afternoon’s US Oil Inventory report is also predicted to show a drop of around 800,000 barrels per day.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased, closing at 47.76ppt and £59.23/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

energy price graph - 10-03-2021

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.