|Market Close||Market Close|
|Improved supply levels from Norway, combined with weaker demand helped to weigh on gas contracts on the near-curve yesterday. A rise in wind levels contributed to lower demand as gas-fired generation dropped. However, rising oil prices continued to support far-curve contracts.||Stronger renewable generation and losses on the gas market helped power prices close at a discount yesterday. However, the bearish movement was restricted by a weaker wind forecast for next week and stronger coal & oil markets.|
|Market Open||Market Open|
|Wind levels are expected to fall over the weekend which will increase CCGT demand, contributing to some upward movement at the front of the curve. The prolonged outage at the Kollsnes processing facility is also a supportive factor but the short-term outlook for LNG supply is more positive, with 4 deliveries expected to dock in the UK over the next week.||Power prices are almost unchanged from Thursday’s close, with little direction provided by the gas-curve. Wind levels remain strong but are expected to drop tomorrow, although solar power is a direct contrast. Meanwhile, far-curve contracts continue to find support from the rising oil market.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices has increased once again with on-going support coming from the bullish US inventory report which was released on Wednesday; Brent currently trades at $51.67/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 42.45ppt and £43.15/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.