|Gas prices increased yesterday as attacks on oil tankers in the Middle East led to a sharp rise in crude oil prices which transferred to other fuel markets. Cooler temperatures and restricted supply from Norway also resulted in a short system.
|The power curve displayed gains on Thursday, pushed higher by oil, gas, coal and carbon markets. Wind levels were also set to decrease by almost 50% today which offered support to the prompt, with cooler weather also a factor.
|The system is still undersupplied this morning as demand levels are well above the seasonal norm due to colder weather and high exports. Meanwhile, oil remains bullish which has helped to support power and carbon, while coal is almost unchanged.
|Power prices at the front of the curve has softened slightly this morning as warmer temperatures are expected to return to the UK next week, although renewables should remain low. Further out, movement is stable-to-bearish with little direction offered by commodity markets.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have corrected down this morning following a sharp increased yesterday due to the oil tanker attacks in the Gulf of Oman; Brent currently trades around $61.3/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 48.20ppt and £52.00/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.