|Market Close||Market Close|
|Improved supply levels helped to weigh on near-curve gas prices on Wednesday, with higher Norwegian flows into Europe and an increase in LNG send-outs in the UK, with several deliveries expected before the end of August. Contracts further along the curve remained bearish with falling oil the main market driver.||Power contracts on the far-curve continued to post losses yesterday although movement at the front of the curve was minimal. Weakening gas was the main market driver with Winter-16 displaying a loss of £0.40/MWh. Temperatures were expected to decrease slightly today which will limit cooling demand, although wind generation is also forecast to drop and the prompt was stable as a result.|
|Market Open||Market Open|
|The UK gas system is well-supplied this morning on the back of higher storage withdrawals and improved UKCS output, while demand levels are also comfortable. This has helped prompt contracts to decrease despite scheduled maintenance in Norway next month. Sentiment further along the curve is generally unchanged with another drop in Brent helping contracts move down.||Losses can be observed across the power curve this morning with falling gas, coal and oil contracts the main factor behind the downward trend. The usual drop in industrial demand on Friday's, combined with an increase in renewable generation has also helped the prompt open at a significant loss.|
Brent 1st-nearby prices display a small loss this morning on the back of bearish reports in the US in regards to crude oil stocks; prices currently trade just above $49/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 38.24ppt and £41.86/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.