|Market Close||Market Close|
|Improved Norwegian supply helped gas contracts move down yesterday afternoon, erasing some of the morning’s gains. Strong wind generation reduced CCGT demand but colder temperatures lifted residential consumption. Further out, bearish movement was limited by a jump in oil prices and stronger coal.||High wind generation was forecast to continue until the end of the week, resulting in some bearish sentiment on the power curve yesterday. A rebound in oil prices offered support to contracts at the back of the curve but this was limited by a stronger Pound.|
|Market Open||Market Open|
|Gas contracts on the near curve display losses this morning despite a slightly short system. An improved weather outlook for next week is expected to reduce LDZ demand, while the Rasheeda LNG vessel is expected to dock at South Hook on the 18th of September. Overall supply is slightly down but this has had little impact and fuel markets are stable, resulting in downward movement at the back of the curve.||Strong wind is expected to persist for longer than expected and will carry on into the weekend on the back of Storm Aileen, however, solar remains weak. This healthy renewable outlook has restricted upward movement on the near-curve, while weaker oil and coal weighed on the far-curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices climbed higher yesterday although the overall fundamental picture was mixed. The latest API figures showed rising crude stocks but a drop in product inventories, while demand forecasts were generally supportive.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 46.59ppt and £47.28/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.