|Market Close||Market Close|
|Gas contracts increased across the curve yesterday with support provided by unplanned outages and a strengthening coal market. The Elgin-Franklin field did not return online until Wednesday evening and Norwegian flows were down due to issues at Kollsnes, limiting supply via the SEGAL pipeline into the UK.||An expected drop in wind generation today helped the prompt rally higher on Wednesday, with the rest of the near-curve pressured higher by bullish gas. Coal displayed further gains which impacted the far-curve, while the oil market showed a small decrease.|
|Market Open||Market Open|
|The UK gas system opened 10mcm long despite a 6mcm rise in LDZ demand and weaker UKCS nominations. LNG send-outs remain healthy with another delivery expected to dock in the UK today but Norwegian flows are still weak due to the outage. Movement on the near-curve is bearish due to the oversupplied system and the far-curve also displays some losses due to a stable outlook for oil.||The wind generation forecast is mixed for the weekend and the start of next week, while temperatures will sit around the seasonal average. The prompt and the majority of contracts on the near-curve have shed from their price, helped by weaker gas, while muted coal and oil markets have failed to offer support to far-curve contracts.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display a small gain this morning as yesterday’s EIA report displayed mixed data, with a rise in crude stocks and a drop in product inventories; Brent currently trades at $58.28/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased slightly – closing at 46.16ppt and £45.58/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.