|Market Close||Market Close|
|Temperatures across Europe were below average yesterday, resulting in tight gas systems and contributing to gains on the near-curve. Coal prices also rebounded strongly, while Brent was relatively stable, restricting losses at the back of the curve. UK demand was 37% above the seasonal norm and the system was short despite an increase in Langeled flows and stronger LNG send-outs.||Coal prices rallied higher yesterday which offered support to power contracts later in the session following a largely bearish opening. Meanwhile, the Hartlepool nuclear power plant is expected to remain offline until early next week also restricting losses and a cold weather outlook for today helped the prompt add to its price.|
|Market Open||Market Open|
|The UK gas system is undersupplied once again due to a drop in storage withdrawals and higher exports to Belgium, combined with strong demand. As a result, prompt gas prices have moved higher although demand levels are expected to fall next week, limiting some of the gains. Further out, contracts display minor increases with direction coming from rising coal.||Power contracts have followed their gas counterparts closely this morning and display gains across the curve. A weaker Pound and a sharp rise in coal prices are two factors behind bullish movement, while consumption also remains high due to cold weather.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices decreased again yesterday following a brief upward correction on Tuesday afternoon. The latest EIA report did little to quash concerns regarding oversupply but was more supportive than expected, showing a significant drop in commercial crude oil stocks and only a minor increase in domestic production.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 42.90ppt and £42.19/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.