|Market Close||Market Close|
|Near-curve gas prices were supported by unplanned outages at the Elgin-Franklin field and the Kollsnes processing plant yesterday which reduced supply levels by around 16mcm. Movement further along the curve was slightly bearish as movement on coal and oil markets was stable.||Wind generation was expected to be almost unchanged this morning, helping to limit upward movement on the prompt, with demand levels also forecast to fall slightly. Increases on the gas curve helped some near-curve contracts add to their price, while coal and oil failed to have much impact on the far-curve.|
|Market Open||Market Open|
|Demand levels are slightly down today but temperatures are expected to turn colder tomorrow, helping the prompt move higher. Supply levels are still under some constraints, providing additional support to spot prices and the far-curve has been pushed higher by increased coal and oil prices.||Colder weather is forecast for next week which has helped to lift some contracts on the near-curve, as heating demand will increase. Coal prices have also recorded a strong gain which has resulted in upward movement at the back of the curve, with a rebound in oil also a factor.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent has climbed higher this morning and trades back above $58.1/b with bullish pressure coming from the apparent willingness to extend the current OPEC deal, with Saudi Arabia in particular showing its support.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 46.25ppt and £45.66/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.