|Market Close||Market Close|
|Near-curve gas prices were bullish on Friday due to planned maintenance at Norwegian facilities which has limited flows via the Langeled pipeline into the UK. A strike by Total employees was also set to take place today, impacting production levels in the UKCS, while stronger coal offered support to the far-curve.||Power prices rallied higher on Friday with the prompt in particular showing a significant gain as wind levels were forecast to plummet across Europe and gas supply in the UK is limited. Further along the curve, contracts found direction from rising carbon, coal and oil markets.|
|Market Open||Market Open|
|Despite industrial action taking place in the North Sea today and limited supply from Norway, the system has opened 18.4mcm long, with 27mcm worth of withdrawals taken from storage sites. The oversupplied system, combined with stable-to-bearish commodity markets has helped gas prices to move down this morning.||Upward movement at the front of the power curve is minimal even though wind levels are extremely low, with losses on the gas market providing resistance. Cooler weather has reduced demand for air conditioning, while improved wind levels are expected later in the week, a drop in coal has also helped to pressure down the far-curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have climbed to $71.8/b but overall market sentiment remains mixed due to concerns regarding the on-going US/ Chinese trade dispute which could impact global economic growth. Meanwhile, support was provided by US sanctions on Iran.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity displayed a slight gain – closing at 61.72ppt and £60.50/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.