|Market Close||Market Close|
|Gas prices were volatile throughout Tuesday’s session, with the Day-Ahead contract hitting its highest level since 2018 and the February Front-Month contract reaching a high not seen since 2008!||Power prices followed gas and displayed significant gains at the front of the curve yesterday, influenced by high demand levels and weaker wind generation. Fuel markets were also supportive and contributed to upward movement further along the curve.|
|Market Open||Market Open|
|Uncertainty in UK markets is clear to see with gas contracts retracing yesterday’s strong gains to trade close to Monday’s levels. Cold weather and LNG concerns continue to offer support to the front of the curve but imports via the IUK and BBL pipeline are strong, as are storage withdrawals.||The Prompt continues to rally higher with cold weather set to continue and renewable availability set to remain low. A downward correction on the gas curve has helped to offer some bearish sentiment, although coal, carbon and oil continue to strengthen.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent Crude has recovered to levels similar to February 2020 prices, before the market was hit by the effects of COVID-19. Meanwhile, the British Pound strengthened against all major currencies, helped by the vaccine rollout.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity moved down, closing at 49.31ppt and £57.83/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.