|Market Close||Market Close|
|Outages in the UKCS and Norway continued to restrict supply levels and provided support to prices at the front of the gas curve yesterday afternoon. The return of the North Morecambe gas field was postponed for another 4 days, while St Fergus was pushed back to tomorrow. Weak demand levels limited the gains, while a rise in EUA carbon prices helped towards increases at the back of the curve.||Despite lower demand levels and improved renewable generation, near-curve power prices moved higher yesterday with direction coming from higher gas contracts. Meanwhile, stable oil and coal markets did little to restrict upward movement at the back of the curve with prices instead following bullish carbon contracts.|
|Market Open||Market Open|
|Contracts along the near curve continue to climb higher this morning with unplanned outages continuing to offer support. However, demand levels sit below the seasonal norm and the system is around 5mcm long, providing some resistance to the bulls. Further out, coal and oil markets have rebounded and carbon contracts continue to strengthen, resulting in gains at the back of the curve.||Healthy solar and hydro production has limited CCGT demand today, while wind levels are almost unchanged from yesterday. However, the warm weather has resulted in increased cooling demand, helping the prompt move higher. The rest of the near-curve has been pushed higher by stronger gas, while the back of the curve has followed rising coal and oil markets.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices remain close to a 3.5 year high with support provided by the recent elections in Venezuela and on-going tensions between the US and Iran which could both have ramifications on global oil supply.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased strongly – closing at 58.78ppt and £57.34/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.