18th January 2019 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Gas prices climbed higher yesterday with the expectation of colder weather supporting prices along the near-curve, ignoring a long system. Meanwhile, prices further along the curve followed rising commodity markets. The majority of power contracts added to their price on Thursday with direction coming from a rise in biomass feedstocks, an expected drop in wind levels and a colder weather outlook for the remainder of the month.
Market Open Market Open
Supply levels are largely unchanged this morning but colder weather and a drop in renewable power has lifted gas demand. Movement along the curve is stable-to-bullish, with little direction provided by coal, oil and carbon markets. With cold weather expected over the next fortnight, near-curve power prices continue to move higher, with a drop in wind generation offering additional support to the prompt. Coal and carbon markets have stabilised but the far-curve has found direction from a bullish oil outlook.

For a breakdown of the current generation mix visit our Power Generation Insights page.

Brent Summary

Brent 1st-nearby prices eased down yesterday but have posted a small gain this morning with support provided by OPEC cuts, recent reports show a decrease of 751,000 barrels a day in December.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 59.65ppt and £61.05/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

energy price graph - 18-01-2018

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