|Market Close||Market Close|
|Gas prices moved down yesterday as the overall energy market weakened, helped by a more optimistic outlook for oil. LNG deliveries to Europe are also set to rise, helping to weigh on the near-curve, while Norwegian flows continued to improve.||Power prices followed their gas counterparts and moved down on Wednesday, with weaker carbon credits also a factor behind the losses. Weak wind generation offered some support to the prompt but overall sentiment was bearish.|
|Market Open||Market Open|
|The UK gas system is slightly undersupplied this morning as LNG send-outs have decreased. This has offered support to prices at the front of the curve, while fuel markets offer little direction to the far-curve. Elsewhere, talks are scheduled to take place today in regards to Russian gas transit via the Ukraine into the EU.||Movement along the power curve is minimal this morning, although the prompt displays a strong loss as renewable levels are expected to increase tomorrow, reducing reliance on gas. Commodity markets are also stable.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices continue to correct downwards, helped by positive comments made by the IEA in regards to comfortable global storage levels. Saudi oil production is also expected to be back to normal by the end of the month.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased, while commercial electricity posted a minor loss – closing at 48.00ppt and £53.11/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.