|Market Close||Market Close|
|A milder weather outlook for the remainder of January helped to apply bearish pressure across the near gas curve yesterday. Wind levels were also set to remain high today, weighing on the prompt as gas-fired generation was forecast to fall. Movement further along the curve was generally stable as coal and oil markets were almost unchanged.||Power contracts followed the gas curve yesterday with an expected jump in wind levels helping the prompt shed from its price. An upward revision in temperatures for next week also helped towards losses across the rest of the near-curve, while stable oil and coal markets had little impact on far-curve prices.|
|Market Open||Market Open|
|The UK gas system has opened 28mcm long this morning as Norwegian flows and IUK imports are strong, making up for a drop in supply via the BBL pipeline. This healthy supply picture has helped to cap gains on the near-curve, with higher wind generation also a factor. In other news, a Russian LNG delivery is expected to dock in Wales tomorrow but it is unknown whether the full cargo will be accepted.||Temperatures are set to maintain current levels for the rest of the week, offering support to the prompt this morning as heating demand remains above the seasonal norm. Further out, some contracts have found support from an increase in coal prices.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have moved down slightly and trade below $69.3/b this morning with no new market drivers at present. Meanwhile, this week’s EIA report will be postponed until 5pm on Thursday due to Martin Luther King Day in the US yesterday.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity displays a slight drop – closing at 49.49ppt and £47.99/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.