11th May 2021 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Maintenance is taking place at a number of North Sea facilities, including the Troll gas field which offered support to prices during Monday’s session, as flows to the UK and Europe were hampered. Meanwhile, rising oil and carbon continued to provide bullish pressure further along the curve. Power prices displayed gains yesterday due to tighter gas supply and higher demand, with an expected drop in wind power today also lifting the prompt. Further out, contracts were pushed upwards by stronger carbon, oil and coal.
Market Open Market Open
The UK gas system has opened 8mcm long this morning which has resulted in some downward movement across the near curve. However, demand remains unseasonably high and maintenance in Norway continues to restrict supply. The majority of prices have opened at a discount this morning but overall fundamentals remains bullish in the short term. Carbon EUA prices continue to surge higher and have now surpassed €50/ tonne, providing on-going support to energy markets.

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

Brent Summary

Brent Crude remains bullish due to the ransomware attack in the US which resulted in the shutdown of the Colonial Pipeline – this pipeline supplies 45% of the East Coast's diesel, petrol and jet fuel.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased, closing at 59.56ppt and £69.78/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 - 11-05-2021

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