|Market Close||Market close|
|Gas prices moved down on Tuesday as the outlook for Qatari LNG supply is positive; a number of LNG deliveries have arrived in Egypt, with more vessels being transited via the Suez Canal. Meanwhile, maintenance work will start at the IUK interconnector today which will last for two weeks, restricting exports from the UK to Europe.||A warmer weather outlook and an expected rise in solar generation today helped power contracts to decrease during Tuesday’s session. Wind levels are forecast to remain low during the week but should ramp up as we enter the weekend. Weaker gas and coal also helped to weigh on contracts, while oil showed only slight fluctuations.|
|Market Open||Market Open|
|Today’s two-week closure of the interconnector continues to weigh on prompt prices this morning as it will cause excess supply in the UK. However, contracts are close to their technical support levels and any losses will be minimal. Far-curve contracts are also bearish due to weakening fuel markets.||Fundamentals are largely unchanged this morning apart from a sharp rise in solar power, resulting in further price-drops at the front of the curve. Coal prices display a slight increase which has restricted any losses on the far-curve, while CO2 prices are stable.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent-1st nearby prices struggled to show a clear trend yesterday during a volatile session but display a small gain since yesterday’s opening, now trading at $45.25/b. Rising US commercial crude stocks and a reported increase in OPEC output since May has helped to provide the bearish pressure.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity recorded a small gain – closing at 42.65ppt and £43.03/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.