|Market Close||Market Close|
|Gas prices moved higher on Friday with a cold weather outlook the main factor behind bullish movement at the front of the curve. UKCS production also decreased and gas demand was expected to be 27% above the seasonal norm today. Further out, contracts were supported by a rise in coal prices with a worker’s strike scheduled in South Africa on the 19th of November.||Wind generation was forecast to decrease today, with cold weather also expected to lift heating demand, resulting in gains across the near-curve on Friday. The far-curve was pushed higher by rising coal and a weak Pound, with a stable oil market having little impact.|
|Market Open||Market Open|
|Gas demand sits above 300mcm for the first time in winter-17 as cold temperatures have returned to the UK. However, the system has opened 13mcm long as supply levels remain healthy, limiting gains on the near-curve. Oil prices are slightly down but this failed to stop far-curve contracts climbing higher, as the coal market remains bullish.||As expected, wind levels have fallen and temperatures are colder, helping prices move higher on the near power curve. Wind generation is expected to be unchanged tomorrow, while below average temperatures are set to continue for the rest of the week. The coal market continues to support the far-curve, while oil prices have settled as traders await the next OPEC meeting at the end of the month.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent prices have settled this morning and trade close to their 5-day average following a slight downward correction towards the end of last week. Middle Eastern tensions continue to impact the market but this was offset by an increase in US oil drilling, according to the latest Baker Hughes rig count.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 49.08ppt and £47.66/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.