|Market Close||Market Close|
|Gas prices moved down on Friday with the help of a more positive supply outlook across Europe. The re-opening of the Nordstream pipeline resulted in a sharp rise in Russian flows, while Norwegian imports into the UK have also ramped up, in addition to improved UKCS production.||The power curve followed the direction of gas on Friday and displayed numerous losses. Mild weather and comfortable renewable generation over the weekend helped to weigh on the near-curve, while weaker coal contributed towards bearish movement on the far-curve.|
|Market Open||Market Open|
|UK temperatures have been revised downwards which will lead to a rise in residential demand, while weak renewable generation has resulted in higher CCGT demand. The system has opened balanced following a further jump in Langeled flows and improved LNG send-outs, limiting gains on the near-curve. Further out, contracts have been pressured upwards by stronger coal and a bullish oil outlook.||Colder temperatures are expected this week and wind generation will remain low until the weekend, supporting prompt power contracts this morning. Solar output is also extremely weak today due to cloud cover but levels should improve slightly tomorrow. Meanwhile, the far-curve has found support from stronger fuel markets.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
No decision was reached to extend production cuts during Friday’s OPEC meeting but the Kuwaiti Oil Minister confirmed that the market is steadily balancing out due to the current deal, with global crude inventories edging towards their 5-year average. This news offered support to the market and Brent has climbed by over $0.80/b since Friday’s open.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 45.15ppt and £45.65/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.