|Market Close||Market Close|
|Gas prices increased during Wednesday’s session due to an undersupplied system and rising fuel markets. Scheduled maintenance in Norway restricted flows to the rest of Europe, while colder weather lifted demand, tightening supply. Further out, oil prices found support from the potential US/ China trade war and tensions in the Middle East.||Lower renewable generation and colder weather helped to lift power prices at the front of the curve yesterday. The drop in temperatures lifted consumption levels, while CCGT demand remained high, contributing to the short gas system. Oil prices also remained bullish due to geopolitical tensions, helping prices at the back of the curve climb higher.|
|Market Open||Market Open|
|Supply levels have improved today as a number of planned outages have come to an end; the system initially opened 6.9mcm short but has since become balanced. LNG send-outs are almost unchanged at 23mcm, while St Fergus flows remain strong. This has helped to limit any upward movement at the front of the curve, with high LDZ demand continuing to provide support.||Cold weather is expected to continue tomorrow, resulting in strong bullish movement on the prompt, with weak renewables also a factor. The rest of the near-curve also displays gains, however, temperatures of around 20°C are expected next week, limiting the upward movement. Meanwhile, stronger coal and oil markets continue to push far-curve contracts higher.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent displays further gains this morning with support provided by potential supply disruptions in the Middle East as military action is expected to be taken against the Syrian government. The on-going trade dispute between the US and China also continues to provide bullish pressure.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 48.59ppt and £49.06/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.