|Gas contracts increased yesterday with support provided by a bullish overall energy complex. A drop in Norwegian and Russian supply into Europe also provided support to the front of the curve. However, gains were limited in the afternoon due to a slight drop in oil.
|Near-curve power prices moved down yesterday on the back of a healthier renewable generation outlook, with a significant rise in wind power expected today. Meanwhile, the back of the curve displayed gains with direction provided by bullish coal and carbon.
|The UK gas system has opened balanced this morning as residential demand is slightly higher, although a strong rise in wind levels has reduced CCGT demand, resulting in losses at the front of the curve. Oil is stable-to-bearish but coal continues to move higher, providing support at the back of the curve.
|Movement along the power curve is minimal this morning as oil has decreased and coal has stabilised. Temperatures are forecast to stay above the seasonal norm, while healthier renewables are expected, providing bearish sentiment.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display a small loss this morning with the Iranian oil industry the main focus of attention, as any price cuts would force Saudi Arabia to take action in order to remain competitive in the market.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 61.10ppt and £60.15/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.