|Market Close||Market Close|
|Gas prices climbed higher during Monday’s session, following strong gains on the oil market. An increase in coal also offered support to some gas contracts, with weak renewables also expected to result in higher gas-fired power demand, contributing to gains on the prompt.||Power contracts increased yesterday, following rising gas prices as energy markets were dictated by bullish oil following events in Saudi Arabia. Weak wind generation offered support to the prompt, while stronger coal added to bullish sentiment at the back of the curve.|
|Market Open||Market Open|
|Oil supply in Saudi Arabia is expected to be restricted for weeks, rather than days, resulting in stronger Brent Crude prices which have transferred to the gas market. Elsewhere, Ukraine has committed to purchasing 450mcm of gas from Russia for Q1-20, which has eased concerns and provided bearish resistance.||Oil and coal markets have stabilised somewhat this morning, while carbon displays a small loss, limiting upward movement across the power curve. However, renewable availability remains low which has helped the prompt record another gain.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display further gains this morning and trade around $66.8/b, still feeling the after effects of the drone attack on Saudi oil facilities which will reduce production in the country for a number of weeks.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 49.94ppt and £54.80/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.