|Market Close||Market Close|
|Gas prices were bullish yesterday due to a sharp drop in temperatures which lifted residential demand. Wind levels were also forecast to decrease today with gas-fired power generation expected to make up the shortfall. The oil market was stable throughout the session, while coal prices moved down, providing little support to far-curve prices.||Power prices were also dictated by the cold weather outlook, with heating demand expected to increase across North West Europe this week. Weaker wind levels provided further support to the prompt, while a drop in coal prices limited some of the upward movement at the back of the curve.|
|Market Open||Market Open|
|The UK gas system has opened 3mcm long, a drop of 30mcm compared to yesterday. Demand levels sit 6mcm above the seasonal norm as a weaker wind levels have resulted in an increase in CCGT generation, with improved Norwegian flows offsetting this rise in consumption. Losses can be seen across the curve on the back of this comfortable supply outlook, with weaker oil prices weighing on contracts further out.||Power contracts have followed their gas counterparts this morning and display losses, with the exception of the prompt which increased strongly due to a cold weather and weak wind outlook for tomorrow. Further out, a drop in coal and oil contracts have provided bearish pressure.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent prices remain stable at present as traders are holding off ahead of the OPEC meeting scheduled to take place on the 30th of November, with an extension to production cuts top of the agenda.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 48.78ppt and £47.50/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.