|Market Close||Market Close|
|Falling oil prices helped gas contracts decrease on Friday afternoon, erasing the gains recorded at the start of the session. The outage at Kollsnes continued to restrict supply levels in the UK, contributing to bullish movement in the morning. On the far-curve, prices were dictated by rising coal prices and a stronger Euro before the drop in Brent.||Power contracts ended Friday’s session on a bearish note following decreases on the oil and gas markets. Prices were generally stable in the morning as stronger coal prices offset the effects of weaker demand and improved wind levels.|
|Market Open||Market Open|
|Norwegian flows into the UK are still limited this morning but are expected to ramp up tomorrow, helping towards bearish sentiment on the near-curve. Wind generation is also set to rise later in the week which will reduce CCGT demand. Meanwhile, weaker oil prices continue to apply downward pressure at the back of the curve, while coal is stable.||Power prices have moved down this morning in similar fashion to their gas counterparts. A stronger wind generation forecast has helped to weigh on the near-curve, although renewable power will remain weak tomorrow, supporting the prompt. Like gas, the back of the curve has been pressured down by falling Brent.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent display a strong loss from Friday’s open and trades at $47.9.b this morning, a loss of around $1.6/b. Traders are pessimistic about OPEC’s efforts to cut production levels ahead of the meeting in St Petersburg, with no restraints placed on Nigeria and Libya at present.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 41.60ppt and £42.57/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.