|Market Close||Market Close|
|A long system resulted in downward movement across the front of the curve yesterday, with falling oil weighing on prices further out. An increase in Norwegian and UKCS flows contributed to the oversupplied system, although imports via Langeled were still slightly restricted.||Weakening gas and oil markets helped to weigh on Day-Ahead power yesterday, with the losses filtering through to the rest of the near-curve. Wind and solar generation is forecast to rise later in the week which also helped to provide some bearish pressure.|
|Market Open||Market Open|
|The UK gas system has opened 6mcm long with demand sitting 18mcm below the seasonal norm. Norwegian flows are higher than last week’s levels as the outage at Heimdal has been resolved and nominations at South Hook have climbed to 16mcm. Further out, prices have been pressured down by a weaker oil market.||The power curve displays small losses this morning, with weakening gas the main factor behind any movement at the front of the curve. Wind generation is lower than yesterday but will increase over the next few days, weighing on the prompt.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have dropped to around $50.7/b with direction coming from a stronger US Dollar, a rise in rig counts and pessimism regarding OPEC production cuts.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 43.85ppt and £44.63/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.