|Market Close||Market Close|
|Gas prices were left broadly unchanged on Friday, even with the lower prices for oil and coal. Short covering on the weekend along with some concerns over a drop in temperatures kept prices up.||A peak in wind power generation over the weekend weighed down on spot prices, along with mild conditions continuing on Monday/Tuesday. Further out on the curve, most contracts traded generally sideways with some prices going down.|
|Market Open||Market Open|
|This morning the system is long 10mcm, supplies are up to the UK by 20mcm, half from the UK offshore and half from Norway. Early trading has seen prices jump after the confirmation of cooler temperatures lasting for the balance of the month. A drop in wind production in the same period is strengthening prices.||This morning most markets have opened much higher due to the bullish turn in temperature forecasts. Higher wind power production forecasts and less pressure in the Belgian market should see day ahead prices go down. The weaker euro today is also making coal contracts even more expensive for European power producers.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Another slight drop in Brent prices sees it trading at $70.18/b this morning. A slight rebound could see Brent reach the $73/b area during the American session.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased whilst commercial electricity decreased – closing at 62.65ppt and £60.60/MWh, respectively.
click to enlarge graph.
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.