12th March 2021 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas contracts increased yesterday on the back of concerns regarding UK and European storage levels and ongoing outages in Norway, with additional support provided by a rebound in oil. Power prices followed gas and rising fuel markets during Thursday’s session, with the majority of contracts trading higher. Colder weather lifted heating demand, offering support to the near curve but strong wind levels helped the prompt shed from its price.
Market Open Market Open
Gas prices have opened lower this morning as Norwegian facilities which suffered outages at the start of the week are expected to return online today. Prices have largely ignored colder weather and a potential delay to Russian LNG cargoes. Colder weather is expected to continue into next week, while the current high levels of wind will reduce significantly, resulting in a strong increase on the prompt. The rest of the curve also displays gains due to increased demand and rising commodity markets.

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

Brent Summary

Brent Crude displays a minor loss this morning as oil markets look to be returning to normality, reacting to changes in supply/ demand instead of pandemic related factors.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased, closing at 48.73ppt and £60.50/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

energy price graph - 12-03-2021

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.