|Market Close||Market Close|
|Gas prices followed falling financial and commodity markets yesterday, in the most bearish trading session of the year. Warmer weather is also set to return to the UK in June, weighing on the near curve.||Wind generation was forecast to surge today, resulting a healthy loss on the prompt, while a milder weather outlook contributed to some of the losses on the rest of the near curve. Further out, contracts mimicked overall markets and decreased.|
|Market Open||Market Open|
|Gas prices have opened significantly higher today as demand is up and supply is restricted – the system is 28mcm short as a result. More planned maintenance is taking place at North Sea facilities, in addition to an unplanned outage at the Oseberg field, reducing Langeled flows into the UK to 36mcm.||Power prices display strong gains, following the gas curve, with weak supply the main market driver. Meanwhile demand is also set to remain high for the remainder of the month. Wind generation is at its highest level for a number of weeks but a sharp drop is expected over the weekend.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent Crude continues to weaken as US and Iranian crude oil stocks have reportedly increased, while a stronger US Dollar also pressured down commodities.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased, closing at 59.47ppt and £70.57/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.