|Market Close||Market Close|
|The gas curve remained bullish on Monday with rising oil prices and tighter supply levels providing support. Langeled flows decreased in the afternoon due to three unplanned outages, resulting in an undersupplied system. Cooler weather is also expected towards the end of the week which will lift demand.||Power prices were pushed higher by other fuel markets yesterday, with gas, coal and oil all displaying strong increases. Renewable levels were forecast to remain weak for the coming days, while a drop in temperatures is expected over the weekend, providing additional support to the front of the curve.|
|Market Open||Market Open|
|An oversupplied system and lower demand resulted in some downward movement at the opening of the session but the bulls have since returned. Unplanned outages continue to support the prompt, while rising oil and carbon have contributed to gains across the curve. In terms of supply, exports via the IUK pipeline stand at 31mcm, storage withdrawals are at 9mcm and flows via the Langeled pipeline are around 41mcm.||Power contracts have climbed higher once again this morning as fuel markets continue to strengthen and renewable generation has dropped since last week. Warm weather continues to weigh on demand but weaker gas supply has contributed to upward movement on the prompt.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have increased by $1.2/b and trade around $78.3/b this morning, close to levels last seen in November 2014. On-going issues with Iran and OPEC production cuts were the main factors behind yesterday’s gains.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 56.53ppt and £55.38/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.