|Market Close||Market Close|
|UK supply levels fell by 10mcm yesterday, while demand also increased, tightening the system and resulting in bullish movement on the curve. Exports to Belgium were also high and an outage at a Norwegian facility was extended by a day. Meanwhile, a bullish oil market provided upward pressure on the far-curve.||Near-curve power contracts displayed some losses yesterday on the back of an improved renewable generation forecast and weakening consumption levels. Elsewhere, a rise in oil contracts supported the gas market in the afternoon which transferred to contracts further along the power curve.|
|Market Open||Market Open|
|Gains are displayed across the gas curve this morning with higher oil and coal contracts providing support further out and a tighter supply picture pushing prices at the front of the curve higher. The UK gas system is undersupplied as flows via the Langeled pipeline remain low.||The power curve was bullish this morning with upward pressure provided by increases on the gas market. Wind and solar generation is expected to improve over the coming days but this failed to have any impact on the prompt. Further out, prices continued to find support from an increase in APi2 coal and Brent.|
Brent 1st-nearby prices continue to climb higher this morning following a drop in US crude stocks and a bearish EIA report; Brent currently trades just below $47.1/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 40.12ppt and £43.25/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.