Gas prices moved higher during Friday’s session with the larger gains displayed towards the back of the curve. A recovery on oil markets offered support to the far-curve, while a milder and windy weather forecast for the second half of the month helped to limit upward movement on the near-curve.|
Power contracts followed their gas counterparts on Friday and moved higher, although a windy weather outlook helped to pressure down the prompt. A milder weather outlook also helped to cap gains on the rest of the near-curve, while longer dated contracts were dictated by stronger oil.|
The gas curve is slightly bearish this morning, although any losses are minimal. Temperatures are expected to tick higher as the week progresses, although wind levels should drop, offering some support to the prompt.|
Storm Dennis resulted in record wind levels across northern Europe over the weekend, with strong wind levels set to continue at the start of this week. Temperatures are also forecast to warm up slightly over the next fortnight, applying some bearish pressure to the near-curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices continued to climb higher over the weekend, dictated by eased concerns regarding the Coronavirus and the increased likelihood of further cuts to OPEC output; however, no timeframe has been given for this.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 30.21ppt and £38.85/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.