|Market Close||Market Close|
|Gas prices moved higher during Friday’s afternoon session with direction coming from the oil market, with the latest OPEC meeting the main market driver. Despite the afternoon gains, the overall context at the front of the curve was bearish with healthy wind levels reducing CCGT demand and Norwegian flows increasing following the end of planned outages.||Sentiment on the power curve was similar to gas with contracts adding to their price later in the session following movement on the oil market. Comfortable renewables limited the need for gas-fired generation, with improved gas supply also providing bearish resistance on the prompt.|
|Market Open||Market Open|
|The system is 2mcm long this morning as demand levels are still below the seasonal norm due to warm weather which should continue for the rest of the week. Weak wind levels have lifted CCGT demand, limiting downward movement at the front of the curve, while the far-curve is stable as the oil market has settled.||Low wind generation and a rise in cooling demand has contributed to upward movement on the prompt this morning. The rest of the curve displayed mixed changes with stable gas supply and calmer fuel markets helping to offset any gains.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices were volatile on Friday during the OPEC meeting which saw oil producing nations agree to raise output by 1Mbd but have settled around $75.8/b this morning.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity moved higher – closing at 55.60ppt and £55.12/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.