|Market Close||Market Close|
|LNG send-outs remained high, with another flurry of deliveries expected before the end of the month. Mild weather also reduced demand and the system was oversupplied, with temperatures expected to hold current levels throughout February – this resulted in losses across the near gas curve.||Mild weather, improved wind generation and comfortable gas supply all combined to pressure down power contracts during Monday’s session. Rising oil markets offered some support but the impact was minimal.|
|Market Open||Market Open|
|Gas prices have opened slightly higher this morning following yesterday’s strong losses. Support has been provided by an unplanned outage at the Kårstø processing plant which has reduced imports into the UK. Further out, prices have found additional support from the wider commodity market as oil continues to strengthen.||A rebound in gas has transferred to the power curve this morning, although overall fundamentals remain bearish. Mild weather is expected to continue for the remainder of the month, with renewable generation also set to improve further tomorrow, weighing on the prompt.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent Crude has climbed to around $63.3/b with bullish pressure provided by Middle Eastern tensions and the global vaccine roll-out. Cold weather in the US has also led to the closure of some oil refineries, reducing production.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased slightly, while commercial electricity recorded a gain, closing at 45.42ppt and £56.55/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.