|Market Close||Market Close|
|Yesterday’s session was quite turbulent with early morning losses, a rebound in the afternoon and a sharp drop before the end of trading. The main driver of gas prices was the oil market, with news that Libya are set to ramp up production levels, resulting in the largest decrease in prices for two years.||Power prices were little changed yesterday despite losses on the gas market, with support provided by a rise in carbon and a stable coal market. Weak renewables helped the prompt climb higher, with rising European markets limiting any downward movement on the rest of the near-curve.|
|Market Open||Market Open|
|The gas system remains long this morning despite a slight drop in flows from Norway and strong exports to Europe. The oversupplied system has contributed to further losses at the front of the curve, while the far-curve has been pressured down by a bearish oil market, while coal is almost unchanged.||The majority of power contracts display a small decrease this morning with bearish pressure provided by weaker gas. Fundamentals are largely unchanged with a further reduction in renewable power offering some resistance. Meanwhile, coal and oil markets have moved down, weighing on prices at the back of the curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent recorded its biggest loss for two years during yesterday’s session, falling below $75/b. Libyan exports are expected to resume in the near future, while the on-going trade war between China and the US helped to create strong bearish pressure.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 58.23ppt and £57.55/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.