|Gas prices followed European markets and decreased yesterday despite a tighter supply picture. The system was short due to higher gas-fired power demand and a downturn in flows from the North Sea, limiting some of the losses on the near-curve.
|Power contracts shed from their price on Monday, with weaker coal, gas and carbon the main market drivers. A tighter gas system and limited renewables restricted downward movement at the front of the curve but wind levels are expected to pick up later in the week.
|The UK gas system remains short this morning which continues to provide some support to the prompt. However, overall movement on the curve is bearish as prices follow weaker coal and carbon, while the oil market is almost unchanged from Monday’s open.
|Power prices follow falling carbon and coal markets this morning, with sentiment on the oil market also bearish. A drop in gas flows into the UK remains a supportive factor but a healthier outlook for wind generation has helped the prompt record a loss.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have stabilised following a quiet Monday session as weak demand has offset comments made in Saudi Arabia in regards to further OPEC production cuts.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 47.80ppt and £53.24/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.