|Market Close||Market Close|
|Gas prices showed little change from open to close, initially moving lower before rallying later in the session. The system was undersupplied which helped towards gains on the near-curve as a drop in renewable power lifted gas demand. A rise in oil also provided support to contracts further along the curve.||Far-curve power prices eased down on Monday with bearish pressure provided by a drop in carbon, with a rise in gas and oil having little impact. Meanwhile, losses at the front of the curve were limited by weak renewables which led to a sharp increase in gas-fired power.|
|Market Open||Market Open|
|Supply levels are healthy but the system remains slightly short this morning due to a number of outages. LNG supply has been strong in order to make room for a series of deliveries expected this month and milder weather should reduce residential demand. However, gas prices have opened higher, following other energy markets.||Temperatures for the remainder of the week have been revised down and renewables should remain weak, helping the prompt open at a premium, with the gains filtering through to the rest of the near-curve. Further out, contracts have been pushed higher by bullish gas and oil.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices climbed higher yesterday as fundamentals are unchanged and OPEC production cuts continue to support the markets: Brent currently trades above $67.5/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased, while commercial electricity moved down – closing at 44.45ppt and £50.50/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.