|Market Close||Market Close|
|An expected drop in wind power and colder weather was expected to lift demand levels today, helping the prompt add to its price. The gains filtered through to the rest of the near curve, while contracts further out were pushed higher by a rise in commodities.||Power prices followed gas and traded higher yesterday, with the Day-ahead contract moving upwards on the back of a weaker wind generation forecast for today. Temperatures sat below the seasonal norm and are expected to remain colder than average throughout October, lifting heating demand.|
|Market Open||Market Open|
|Demand levels have increased to their highest levels since the 6th of April, sitting above 247mcm this morning, sending the system 8.3mcm short. This has helped to lift near curve gas prices, while contracts continue to find support from strengthening oil.||Sentiment across the power curve remains bullish this morning as tighter gas supply and rising oil dictate prices. Wind generation is down from yesterday’s levels, with very low levels forecast for tomorrow and over the weekend, helping the prompt record a strong increase.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby price found support from strong compliance throughout September in regard to OPEC-led production cuts. However, the oil consortium also announced its intention to ease production cuts at the start of 2021.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased, closing at 39.11ppt and £47.53/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.