|Market Close||Market Close|
|Stronger oil prices supported the gas curve yesterday, with restricted Norwegian flows also contributing to gains on the near-curve. The outage at Kollsnes was extended until the 1st of October and imports to the UK will be limited via the Langeled pipeline. The system was short throughout the session on the back of this drop in supply, with weaker LNG send outs also playing a part.||The trend across the power curve was bullish yesterday with the majority of contracts tracking the upward movement of their gas counterparts, which were pushed higher by stronger Brent and coal. A rise in wind levels limited some of the gains at the front of the curve but cloud cover will reduce solar power over the next few days.|
|Market Open||Market Open|
|Coal and oil markets display further upward movement this morning and have helped gas contracts add to their price once again. However, the overall outlook is bearish as Norwegian supply has improved and the demand forecast is lower for the next few days; as a result, a downward correction cannot be ruled out.||Power contracts are almost unchanged from yesterday’s close, although a healthier wind generation forecast for tomorrow has weighed on the prompt; although these levels should fall over the weekend and remain lower next week. Meanwhile, nuclear availability across Europe is set to improve with numerous units returning online in Germany and France.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent continues to add to its price and trades at $50.86/b this morning, with crude oil stocks in the US showing a significant drop. The outlook for this afternoon is stable, although a weakening Dollar could provide some support. However, US GDP growth data and the latest rig count will be released tomorrow which will affect prices.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 42.33ppt and £43.05/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.