|Market Close||Market Close|
|Gas prices displayed mixed movement on Wednesday as an unplanned outage reduced Norwegian flows into the UK and tightened the system, offering support to the prompt. However, Norwegian supply was expected to rise today and healthy renewable power will reduce CCGT demand, helping the rest of the near-curve move down. Further out, contracts displayed minor losses on the back of a stronger Pound.||Near-curve power prices followed the gas curve and decreased on Wednesday, while the far-curve was pressured down by falling APi2 coal. Solar power was forecast to increase today which provided additional bearish pressure to the prompt, although CCGT generation remained quite high due to low wind levels.|
|Market Open||Market Open|
|The UK gas system has opened long this morning as exports via the IUK pipeline are down due to a temporary outage. Elsewhere, the outage at Kollsnes has been resolved and Norwegian flows have ramped up. Demand levels are also set to fall tomorrow and fuel markets are generally stable, resulting in a bearish outlook for gas prices today.||Solar generation is higher today and is expected to increase over the next few days, although wind generation will remain quite low. CCGT demand is slightly down on the back of this rise in solar power, while wind levels and temperatures are almost unchanged. The majority of contracts mirror their gas counterparts and have recorded a loss, with the help of a bearish outlook for the weekend.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices decreased following the release of this week’s EIA report which showed another rise in domestic production; Brent recorded a loss of over $0.80/b. The OPEC monthly report was also published yesterday which displayed weaker demand figures for crude next year, further weighing on prices.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased slightly – closing at 41.20ppt and £42.74/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.