|Market Close||Market Close|
|Gas prices were bullish at the start of Wednesday’s session but fell sharply in the afternoon and ended the day almost unchanged. Support was provided by the oil market but a balanced system and an expected drop in CCGT demand today helped prices at the front of the curve move down.||The system has opened over 20mcm long as an increase in wind generation has reduced demand for gas-fired power; above average temperatures also continue to weigh on residential demand. Contracts across the near-curve have moved down but a rise in Brent has limited losses further out.|
|Market Open||Market Open|
|Power prices followed gas yesterday, with a bullish opening and a bearish end to the session, with contracts at the front of the curve closing with minor gains. The far-curve displayed small losses due to a drop in coal, with rising carbon and oil markets providing resistance.||Power prices are stable this morning with bearish sentiment provided by weaker gas and coal markets. An expected drop in wind levels over the weekend has offered some support to the prompt, while an increase in Brent has restricted any downward movement at the back of the curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices displayed another gain yesterday and now trade around $75/b, with support provided by the latest EIA report which showed a strong decrease in US crude and gasoline stocks. The oil market remains bullish this morning due to a missile attack by Yemen forces at a Saudi shipping lane.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity was unchanged – closing at 57.83ppt and £58.06/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.