|Market Close||Market Close|
|A healthier supply/ demand picture was forecast for today, helping Day-Ahead gas move down yesterday afternoon. Gains recorded in the morning were erased as the session progressed as next week’s drop in temperatures is not expected to be severe. Further out, prices were pushed higher by bullish carbon, coal and oil.||It was announced yesterday that the UK intends to remain in the EU ETS, which resulted in a sharp rise in carbon contracts, with the bullish movement filtering through to some power prices. An expected rise in wind levels today helped to weigh on the prompt slightly, while far-curve contracts were pushed higher by stronger coal and oil markets.|
|Market Open||Market Open|
|The UK gas system has opened 13mcm long this morning as demand has subsided on the back of slightly milder temperatures. This has helped near-curve contracts shed from their price, with temperatures for the end of the month revised slightly higher overnight. Meanwhile, the Pound has strengthened against the Euro, restricting any upward movement caused by rising fuel markets.||A milder weather outlook has contributed to losses across the near power curve this morning, although bullish oil and coal continues to support prices at the back of the curve, despite a stronger Pound. An expected drop in demand tomorrow and comfortable renewable power has helped the prompt decrease by £1.45/MWh.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display another significant gain and sit just above $69/b this morning as a weaker Dollar has resulted in higher demand across global markets. Despite the bullish turn over the last week, a downward correction cannot be ruled out in the near-future as US production continues to hit record highs.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 49.66ppt and £49.16/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.