|Market Close||Market Close|
|Gas prices increased yesterday due to a tighter system and an upward turn in commodity markets. Norwegian flows were below last week’s levels and reduced wind generation resulted in a higher reliance on gas-fired power, sending the system short.||Power prices followed the gas curve and climbed higher during Wednesday’s session. Carbon, oil and carbon markets also rallied, contributing to gains further along the curve.|
|Market Open||Market Open|
|The UK gas system remains short which has resulted in further gains at the front of the gas curve; additional LNG send-outs and storage withdrawals are required to balance the market. The broader energy complex has also strengthened with oil displaying a sharp rebound to return to Tuesday’s levels.||Tighter gas supply and rising commodities continue to support power contracts this morning. Some resistance has been provided by the short term weather forecast, with temperatures which are above the seasonal norm expected over the weekend and next week.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have rebounded as the rise in US stockpiles was significantly lower than expected; displaying a rise of 1.4m barrels, compared to the 6m barrel prediction.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 43.85ppt and £48.58/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.