|Market Close||Market Close|
|Near-curve gas prices were pressured down by bearish fundamentals, as systems across Europe are comfortable on the back of weak demand. Mild temperatures continued to weigh on residential demand, with levels 15% below the seasonal norm in the UK. A stronger Pound also helped towards the losses further along the curve.||Power prices moved down yesterday with direction coming from decreases on the gas, coal and oil markets. Consumption levels are expected to rise over the next week or so but wind generation is healthy, limiting gains on the prompt.|
|Market Open||Market Open|
|The UK gas system is oversupplied this morning despite a drop in Norwegian flows via the Langeled pipeline. Supply is expected to remain comfortable next week but demand levels are forecast to rise as a result of cooler weather. Coal and oil prices provide little direction at present and gas prices are expected to show minimal movement during today’s session.||Power contracts display minimal movement like their gas counterparts this morning, although an expected drop in temperatures next week has offered some support on the near-curve. Meanwhile, oil and coal prices have decreased slightly and have helped towards small losses on the far-curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display a loss this morning but have recorded a weekly rise due to a technical rebound. Overall fundamentals remain bearish with little optimism in regards to OPEC cuts as global oil inventories are oversupplied.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 43.80ppt and £43.71/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.