|Unplanned outages in Norway helped provide support to gas prices yesterday as prices rebounded a little after posting strong losses through the week. Prices were also up on the far curve, despite a drop in oil prices.
|Stronger gas prices supported the curve prices yesterday, with the largest gains seen in near term contracts. The gains in power came despite the drop in coal and carbon, oil and equities which generally provide direction in the power markets.
|This morning, gas is trading around the close of business prices from yesterday. The system is marginally long, coal and carbon are slightly down along with crude, stock in Europe are also down on tightening travel restrictions and the corresponding hit to the tourism industry. A bearish outlook is held for the coming days.
|Expectations of rising wind output and fading temperatures lowering the power demand for cooling systems should weigh on the power spot prices next week. Further out, contracts across the curve have mostly opened lower than yesterdays close.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st nearby prices remain stuck around the $45/bbl mark. The last report from the International Energy Agency showed a downward revision in demand forecast until the end of the year, posing more potential losses.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas and commercial electricity decreased, closing at 32.32ppt and £43.35/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.