|Market Close||Market Close|
|Near-curve gas contracts posted losses yesterday following a strong rise in Norwegian flows and a drop in storage withdrawals. The supply outlook is healthy despite cooler temperatures, with higher wind power resulting in a drop in gas-fired generation. Further out, the downward movement was restricted by a bullish oil market.||Power contracts recorded losses yesterday, pressured down by their gas counterparts and decreases on the coal market. Day-Ahead moved down due to an expected surge in wind generation today, although rising oil capped losses on the far-curve.|
|Market Open||Market Open|
|Fundamentals are generally unchanged this morning as supply levels remain comfortable, keeping any upward movement at the front of the curve to a minimum. However, news that Rough will not restart injection operations for 2017/18 has provided support, read more here. Prices could undergo a technical rebound in the near future and increases on the oil market have pushed far-curve contracts higher.||Power contracts have moved higher this morning, tracking movement on the gas curve which is currently dictated by stronger Brent. Wind generation has increased today but these levels are expected to fall, while solar power will be limited, further adding to the bullish sentiment.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have recorded further gains and are currently in their longest bullish streak for 8 months. The market continues to find support from optimism regarding an extension of the OPEC freeze deal, with Saudi Arabia in particular pushing for a new deal.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 43.30ppt and £42.60/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.