|Market Close||Market Close|
|The UK gas system was 18mcm short yesterday due to strong gas-fired power demand and restricted flows. This helped to lift prices across the near-curve, whereas the far-curve found support from a sharp rise in oil, while carbon continued its bullish trend.||The majority of power prices displayed an increase yesterday, following movement on the gas curve. Weak gas supply & low renewable availability were the main market drivers at the front of the curve, while longer dated contracts were influenced by rising commodities.|
|Market Open||Market Open|
|The UK gas system has shifted significantly this morning and opened 29mcm long. This has helped towards losses across the near-curve, although downward movement on the prompt was limited as demand levels sit 35mcm above the seasonal norm. Further out, prices continue to take direction from rising coal, carbon and oil.||Power contracts have shed from their price this morning as gas supply is improved and wind generation is expected to rise over the weekend and next week. Oil prices also display a small downward correction, while EU carbon pricing is also under review.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices hit a two-month high yesterday but oil prices have weakened slightly this morning following profit-taking on financial markets. Tensions surrounding Iran and the forecast of Storm Barry in the Gulf of Mexico have created bullish sentiment.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased, while commercial electricity recorded a minor loss – closing at 52.39ppt and £55.65/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.