|A drop in demand thanks to healthy renewable power levels and warm weather resulted in losses on the near-curve yesterday. LNG send-outs also increased, rising to 144mm cm, compared to the September average of 85 mm cm, with a number of deliveries expected to dock in Europe this month.
|Weaker financial markets pressured down all energy markets yesterday afternoon, with commodities showing sizeable losses which transferred to power prices. Warmer weather and comfortable wind levels also helped to weigh on the prompt throughout Wednesday’s session.
|Weakening financial markets have impacted gas contracts this morning with coal and oil both showing a strong decrease. Significant losses can be seen across the curve with the mild weather outlook continuing to apply bearish pressure to contracts at the front of the curve.
|Falling carbon, coal, gas and oil markets continue to weigh on the power curve this morning. The 10-day weather forecast also indicates warm temperatures across Europe, although low wind availability is expected. The global economy remains the main market driver and any shift will result in movement in energy prices.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display strong losses following a global sell-off, with API figures showing a significant increase in crude stocks, putting concerns regarding Hurricane Michael on the back burner.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 64.17ppt and £63.53/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.