|Market Close||Market Close|
|Fresh outages at gas fields continued to impact UKCS production and imports from Norway yesterday, offering support to near-curve contracts. Oil prices also rallied higher and the Pound weakened, contributing to gains further along the curve.||Power prices were stable at the start of the session but displayed a steady rise as the session progressed on the back of weaker gas supply, stronger oil prices and a weak Pound. Wind generation was also forecast to decrease today and solar was limited.|
|Market Open||Market Open|
|Gas prices display further upward movement this morning as the UK gas system remains balanced due to supply constraints. The Pound continues to weaken against the Euro, while Brent has stabilised; however; a tropical storm heading for the Gulf of Mexico could affect oil prices going forward.||Power prices have strengthened this morning with direction coming from the gas market. Wind generation levels have also dropped off and will remain low over the weekend, supporting the prompt. Solar power remains below average and safety checks at French nuclear units remain a bullish factor.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices are higher this morning as the latest American stock report helped to support the market yesterday; Brent now trades above $52.5/b. The EIA report showed a decline in gasoline stocks and a minimal rise in production.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 45.23ppt and £46.14/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.