|Market Close||Market Close|
|Gas contracts shed from their price on Tuesday as the system was long throughout the session due to healthy supply levels. The return of the SEGAL pipeline resulted in higher Norwegian output, with flows through the Langeled pipeline rising to 47mcm. LNG send outs from South Hook also increased and are expected to remain healthy throughout July with two more deliveries expected.||Power contracts were dictated by bearish gas & coal markets and losses could be seen across the curve yesterday. Cooler temperatures contributed to lower consumption levels, although renewable power was weak; however, this is set to improve over the coming days which will result in lower CCGT generation.|
|Market Open||Market Open|
|Gas prices display small losses this morning despite stronger Brent as the supply picture remains very healthy. LNG send-outs, UKCS production and Norwegian flows are all comfortable, with improved wind levels reducing the UK’s reliance on gas-fired power.||Wind and solar power has almost doubled today, contributing to losses at the front of the curve. Some contracts have followed the bearish trend of gas but a sharp increase on the oil market has helped to limit some of the downward movement further out.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have increased and trade just below $48.3/b ahead of this week’s EIA report. The rebound is thought to be largely technical, although increased demand for gasoline in the US and optimism in regards to further OPEC cuts has provided some support.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased slightly – closing at 41.36ppt and £42.80/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.