|Market Close||Market Close|
|The South Hook LNG terminal suffered an unplanned outage yesterday morning and Norwegian flows via the Langeled pipeline also dropped, tightening the UK gas system. However, the outage was quickly resolved and LNG send-outs improved throughout the session, resulting in oversupply and a rise in exports to Belgium. Prices were generally stable with a weakening Pound offering some support but falling coal and oil limited any gains on the far-curve.||A weaker Pound and increases on the gas market resulted in rising power prices on Tuesday, with a stronger coal market also offering support. Overall fundamentals remained quite bearish, with warmer temperatures and healthy wind generation continuing to offer resistance to the bulls.|
|Market Open||Market Open|
|Norwegian flows display another drop this morning and UK production has also decreased, supporting near-curve gas contracts. Far-curve contracts have also found support from a rebound in oil prices. Meanwhile, the demand outlook for the coming days is slightly higher although healthy wind levels should limit the need for CCGT generation somewhat.||Power contracts track the movement of gas this morning and display small increases across the curve. An increase in oil prices has also provided bullish pressure but mild weather and stable coal has helped to restrict some of the upward movement.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices fell to their lowest point of 2017 so far yesterday, close to a 15 month low of just above $50/b. However, prices have rebounded overnight and are back around $51.6/b as the market attempted to correct itself.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased slightly, while commercial electricity recorded a loss – closing at 44.14ppt and £43.60/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.