|Market Close||Market Close|
|Gas contracts moved down on Friday on the back of an improved supply outlook, as outages at Norwegian and Russian facilities were resolved. The UK gas system was well-supplied throughout the session which pressured down the prompt, with the losses filtering through to the rest of the near-curve. Meanwhile, falling Brent erased some of the morning's gains on the far-curve.||Temperatures were expected to remain above the seasonal average for the weekend and this week which supported the Day-Ahead power contract on Friday, with gains also displayed on the rest of the near-curve. However, contracts on the far-curve were influenced by falling Brent and tracked the movement of their gas counterparts.|
|Market Open||Market Open|
|Gas contracts continue to display a bearish trend this morning as imports from Norway improved as expected and demand levels in the UK are lower due to mild weather. The UK gas system remains significantly oversupplied as LNG send outs are high and strong wind has reduced gas-fired power generation. Further out, contracts continue to follow the oil market and downward movement can be observed.||Near-curve power prices have increased significantly this morning with the Day-Ahead contract adding over £24/MWh to its price due to weak generation levels and a rise in demand. The prompt has hit its highest price since the 30th of December 2014 with temperatures sitting well above the seasonal norm, resulting in higher cooling demand.|
Brent 1st-nearby prices display further losses this morning and trade just above $47.4/b with direction coming from recent data which shows an increase in US rig counts. Read More Here.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 36.33ppt and £41.00/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.