|Market Close||Market Close|
|The on-going outage at the Kollsnes processing plant continued to restrict Norwegian flows into the UK, although outages at the Troll and Kvitebjorn fields have been resolved. These supply restrictions supported contracts on the near-curve, with a weaker Pound also a bullish factor.||Power prices moved higher on Thursday and closely followed the gas curve, with further bullish pressure provided by strengthening coal. In other news, wind levels were forecast to improve today but solar power will remain low over the next few days.|
|Market Open||Market Open|
|The outlook for gas prices remains slightly bullish this morning as Norwegian flows have decreased further as the impact of the Kollsnes outage is more significant. However, the outage is expected to be resolved on Monday, restricting some of the gains on the near-curve. Meanwhile, low wind levels next week could lead to a rise in CCGT demand and coal prices continue to support the far-curve.||Power prices are almost unchanged from yesterday with improved wind and lower demand offsetting the effects of weaker solar power. Coal prices continue to support the far-curve on the back of strong Chinese demand, with rising gas restricting any downward movement at the front of the curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices climbed above $50/b yesterday afternoon but moved down later in the session to trade just above $49.5/b this morning. Bullish pressure, provided by a drop in US stocks has faded somewhat and instead traders look towards the OPEC/ non-OPEC meeting in St Petersburg where Nigerian and Libyan production will be discussed.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 42.53ppt and £43.29/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.