|Market Close||Market Close|
|Near-curve gas prices recorded significant losses yesterday following an upward revision in temperatures for the start of March which sparked a sell-off. Temperatures are expected to remain very cold this week across Europe, limiting some of the downward movement, while a rise in Brent offset the effects of weaker coal at the back of the curve.||Power prices mirrored the gas market yesterday with an expected rise in temperatures for next week applying downward pressure to the front of the curve. Meanwhile, falling coal also helped to weigh on the far-curve, despite further strengthening on the oil market.|
|Market Open||Market Open|
|Gas demand in the UK is 80mcm above the season norm today, resulting in a short system, not helped by a halt in flows at Easington Dimlington. Despite this, most contracts have continued to weaken this morning due to the milder weather outlook for next week. Another drop in coal has also pressured down prices at the back of the curve with the help of a stronger Pound. The prompt is the exception to the bearish trend due to tomorrow’s high demand forecast.||The power curve continues to track movement on the gas curve with the prompt the only contract to move higher, recording a strong gain due to tomorrow’s cold weather forecast. The rest of the curve has decreased with a further drop in coal prices, a stable oil market and a healthier Pound contributing to the losses.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have stabilised somewhat following a small gain during yesterday’s session. Bullish sentiment was provided by last week’s EIA report and traders will now be looking to this week’s report for direction.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 46.43ppt and £46.16/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.