|Gas prices moved higher of Friday, outpacing moves in the broader energy complex which saw more modest gains in oil, power and carbon, coal closed out the day lower.
|Power prices in the UK have been following gas and carbon to the upside over the past week as fundamentals have been side-lined for greater energy market news and traders’ sentiments. German power is also on the rise with coal and gas commodities generally and being pulled from the front end of the curve more specifically.
|The UK gas system is marginally short this morning, flows from Norway are down sharply on planned maintenance. Prices began a rally 3 days ago that continues this morning, however it looks as though the biggest daily moves are behind and the market will try to consolidate at these levels before it can push higher.
|This morning, UK power contracts have firmed again following the strengthening carbon market. Weather forecasts are warm with poor wind output and reasonable solar, however, the market is mostly focused on the rise in carbon and the broader commodity complex.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent crude remains buoyed and is currently trading at $67.12/bbl.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas and electricity increased – closing at 54.25ppt and £57.23/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.