|Market Close||Market Close|
|Gas prices erased the morning's downward movement in the afternoon with a colder weather forecast for next week offering support at the front of the curve. Meanwhile, Commodities were stable due to the Thanks Giving holidays in the US which resulted in minimal movement further along the curve. In terms of supply, UKCS production continued to improve as an outage was resolved but Norwegian flows were slightly reduced.||Power contracts recorded losses in the morning but rebounded in the afternoon with direction coming from a strengthening gas market and a higher demand forecast for the coming weeks. APi2 coal increased and was another supportive factor, with a drop in Brent having little impact.|
|Market Open||Market Open|
|Two unplanned outages in Norway have reduced flows from the North Sea into the UK this morning, offering some support to prompt contracts, however, these outages are expected to be resolved quickly. Gas demand is expected to rise next week due to a drop in temperatures, although weakening oil has limited upward movement on the far-curve.||Movement on the power curve is mixed this morning with front-month contracts recording a loss, while the rest of the near-curve moved higher. Monthly contracts were pressured down by movement on the French market, while cold weather forecasts have supported the prompt.|
Brent 1st-nearby prices have recorded another small loss to trade just below $48.6/b as overall fundamentals are little changed as the market awaits next week's OPEC meeting.
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 44.85ppt and £45.35/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
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