|Market Close||Market Close|
|An outage in Germany saw Norwegian flows rerouted to the UK yesterday, impacting European markets. The front of the UK gas curve moved higher on the back of a colder weather outlook for the remainder of the week. Prices at the back of the curve also displayed a bullish trend on the back of rising fuel contracts.||Power prices tracked their gas counterparts yesterday and moved higher throughout the session. Cooler temperatures and weak renewables offered support to contracts, while the far-curve was pushed higher by rising Brent and coal.|
|Market Open||Market Open|
|Gas prices are almost unchanged from yesterday’s close with a warmer weather outlook for next week offsetting the effects of a short system. Today’s cooler weather has lifted demand levels but next week could see temperatures rise to 5°C above the seasonal norm. In terms of supply, BBL flows have dropped to zero but LNG send-outs and Langeled flows remain healthy. Meanwhile, a bullish oil market continues to support prices at the back of the curve.||Today’s drop in temperatures has led to a rise in consumption levels, with weak wind generation also resulting in a higher reliance in gas-fired power. This had helped towards gains on the prompt and across the near-curve, with renewables not expected to improve tomorrow. Further out, prices continue to take direction from increases on the oil markets following a rise in US crude stocks.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent displays further gains this morning despite eased tensions between the US and China in regards to trade deals, instead the market has found support from rising US crude inventories; Brent currently trades just above $71/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 48.12ppt and £48.61/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.