|Market Close||Market Close|
|News of the Bank of England’s decision not to raise interest rates has strengthened the Pound against the Euro, which is reflected in a bearish outlook at the close yesterday, with reduced demand due to warm weather weighing further on prices.||High renewable output put pressure on the prompt, bringing prices down on the near curve. As with gas, the strengthening Pound has been reflected by a bearish finish in yesterday’s trading.|
|Market Open||Market Open|
|Unplanned outages at Kvitebjǿrn and Kristin plants and reduced Langeled flows mean that the UK system has opened short this morning. This, combined with an increase in oil prices, has given support to gas contracts, although rises have been limited by continued warm weather and the appreciation of the Pound against the Euro.||UK power prices have taken the lead from NBP this morning with marginal increases supported by an increase in oil prices. Wind generation is expected to decrease and remain weak in comparison to recent levels, although this is balanced by an expectation of increased solar generation.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent has bounced back slightly this morning on the back of news that the OPEC deal to cut production has been extended. These gains are limited by expectations that the US and OPEC nations will continue to with their current high levels of output in spite of the deal extension.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity recorded a small gain – closing at 41.93ppt and £42.65/MWh, respectively.
Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page.
Click to enlarge graph
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.