23rd March 2021 | Posted by: Daniel Birkett | Market Analysis

Gas Power
Market Close Market Close
Contracts along the gas curve ended the session strongly with colder weather forecasts expected to lift demand, while scheduled maintenance at facilities in Norway and the UKCS will reduce imports. Power prices followed gas in the afternoon and traded higher, with expectations of colder temperatures and tighter gas supply offering support to the near curve. The far-curve was generally stable due to weakening oil and carbon emission markets.
Market Open Market Open
Near curve gas prices have eased down slightly this morning as an increase in wind generation has reduced reliance on combined cycle power plants, resulting in lower demand for gas. Carbon markets also continue to weaken and the short term outlook for oil is weak. Wind levels have more than doubled today compared to yesterday but are set to fall again tomorrow, helping the prompt add to its price. The rest of the curve is stable-to-bearish with no major movement on energy markets this morning.

For a breakdown of the current generation mix visit our Power Generation Insights page.

Brent Summary

Brent Crude displays a minor gain as markets remain stable at present as traders await to see the extent of the impact of additional lockdown measures imposed in Europe which will reduce demand for crude oil.

1-year forward prices

Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased, closing at 49.28ppt and £60.77/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

energy price graph - 23-03-2021

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