|Market Close||Market Close|
|Weaker oil prices helped to weigh on the gas market towards the end of yesterday’s session. Contracts were stable for most of the day following early morning gains which were caused by planned production cuts at the Dutch Groningen facility. Meanwhile, temperatures were forecast to be below average for the remainder of this month, offering further support at the start of the session.||A colder weather outlook and low wind generation helped to push near curve power contracts higher Wednesday morning. The bullish sentiment was short-lived however, as the bears took control in the afternoon with direction coming from weaker gas and oil markets.|
|Market Open||Market Open|
|Gas prices continue to move down this morning with bearish pressure provided by the falling oil market. However, temperatures have been revised down for next week which will lead to increased demand, restricting losses on the prompt. In terms of supply, the outlook is healthy with strong imports from Norway and Russia.||Power contracts have decreased this morning although the losses are not as strong as those displayed on the gas curve. A sharp drop in oil prices is the main factor behind downward movement on both markets, with a rebound in the Pound against the Euro also having an impact.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices fell yesterday evening following the latest stocks report which showed an increase in production; Brent now trades at $53.21/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 43.30ppt and £42.62/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.