|Market Close||Market Close|
|Gas prices displayed losses on Friday and erased some of the gains recorded in previous sessions. Contracts were pressured down by decreases on the coal, power and oil markets despite another drop in Pound. Elsewhere, the worker's strike at the Nyhamna gas plant in Norway was avoided but two unplanned outages reduced imports into the UK and restricted some of the downward movement.||Fundamentals remain bearish this morning as next week's weather forecast was revised slightly higher which should result in a drop in demand. In terms of supply, Norwegian exports rose to 340mcm, compared to 307mcm on Friday and the UK gas system is well-supplied despite demand levels rising to 11% above the seasonal norm. Further out, prices continue to take direction from weakening fuel and power contracts.|
|Market Open||Market Open|
|Contracts moved down on Friday afternoon with a drop in oil prices pressuring down the gas market which transferred to the power curve. Wind generation was expected to remain comfortable over the weekend which helped to weigh on the prompt, while weaker coal provided additional weight further out.||Movement on the power curve almost mirrors the changes displayed by gas contracts this morning, although the November and Q1-17 contracts were the exception due to the cold weather outlook. Losses continued on the far-curve with weaker aPi2 coal the main driver, while Brent also decreased.|
Brent 1st-nearby prices ended a 12-day spell of bullish movement and recorded a strong loss on Friday afternoon due to certainties regarding the proposed OPEC deal, with a lower rig count also a factor.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 44.03ppt and £45.50/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.