|Market Close||Market Close|
|Gas prices moved down yesterday on the back of the mild weather forecast for the rest of February. The expected delivery of an LNG shipment at the Isle of Grain also helped to weigh on prices, with weaker oil and coal markets an additional factor.||Power contracts moved higher yesterday morning as wind generation is expected to decline later in the week and nuclear availability is low. However, losses on the gas, oil and coal markets transferred to the power curve in the afternoon and the majority of contracts closed at a discount.|
|Market Open||Market Open|
|Gas demand is expected to fall further over the next few days as temperatures continue to rise across Europe. Residential demand in the UK is set to decrease by 228m today, compared to 272mcm last week, weighing on the prompt. Downward movement is slightly restricted by low storage levels but the overall sentiment remains bearish.||Movement on the power curve is mixed this morning as temperatures are expected to remain mild over the next couple of weeks but could turn colder at the start of March. The weather forecast remains the main market driver but decreases on the gas curve has also helped to weigh on some contracts.|
Brent 1st-nearby prices decreased yesterday afternoon but have held firm this morning, trading just below $56/b. Positive compliance figures in regards to OPEC production cuts did little to support prices as market uncertainty continues to fuel bearish pressure.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 47.45ppt and £45.80/MWh, respectively.
Today’s prices can also be found in an easy to read table on or ‘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.