|Market Close||Market Close|
|Gas prices displayed mixed movement yesterday as cold weather lifted demand and Norwegian supply was limited, resulting in a short system. Reduced wind generation contributed to an increase in CCGT demand which added to the undersupply. However, the outlook for later in the week is healthy and this helped to restrict the gains, while weaker coal and oil weighed on the far-curve.||Weak wind generation helped to lift the prompt significantly yesterday, although levels are expected to improve later in the week, along with a rise in temperatures. Weak gas supply helped to support the rest of the near curve but bearish coal and stable oil limited upward movement on the far-curve.|
|Market Open||Market Open|
|A milder weather outlook and an expected rise in Norwegian imports have helped to pressure down near curve gas contracts this morning. Russian flows into Europe are also set to rise, further fuelling the bears. Contracts further out display minimal movement with little direction provided by gas and oil markets.||An expected rise in wind generation tomorrow has helped the prompt record a strong loss. Temperatures are also set to revert back to the seasonal norm and solar power should remain at current levels. Meanwhile, oil and coal contracts have shown minimal movement and have failed to influence the back of the curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have reverted back to Thursday’s levels and have stabilised following the recent hurricanes which affected the US oil industry, resulting in shutdowns at numerous refineries. Traders are now waiting to see what comes of Friday’s OPEC/ non-OPEC meeting.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased slightly – closing at 45.24ppt and £46.16/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.