|Market Close||Market Close|
|Gas prices displayed mixed movement yesterday with unplanned outages providing support on the near-curve. LNG nominations were also lower, with concerns in regards to French nuclear power also a factor behind any increases. Further out, Brent was rather stable for most of the session and provided little support to gas contracts.||Power prices tracked the movement on gas on Friday with increases on the oil market the main factor behind any gains. Wind levels were forecast to drop today, while cloud cover will limit solar power for the time being, further assisting the bulls.|
|Market Open||Market Open|
|Gas prices continue to climb higher this morning as the UK gas system is significantly undersupplied; reduced Norwegian flows have resulted in the system opening 35mcm short. Weaker renewable generation has also led to an increase in gas-fired power production, pushing demand levels higher.||Power contracts have added to their price this morning with the more prominent gains displayed at the front of the curve. Renewable generation is forecast to remain low over the coming days, increasing the need for more expensive CCGT generation. Weak gas supply is the main market driver this morning, with oil and coal providing little support in either direction.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices recorded a 3% rise on Friday but have stabilised this morning at around $52.6/b. Support was provided by the latest Baker Hughes rig count which showed another drop in US drilling activity; further bullish pressure was also provided by a weaker Dollar and disruptions to Libyan supply.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 45.03ppt and £46.07/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.