|Market Close||Market Close|
|Trading was limited yesterday due to the Bank Holiday, however, warmer weather and stronger coal prices helped European markets move higher. Supply remained tight, while a weakening Pound continued to support contracts.||A weaker Pound and an expected drop in renewable generation supported power contracts yesterday, although the bank holiday meant it was a quiet day of trading. Stronger coal helped prices further out move higher, while Brent was generally stable.|
|Market Open||Market Open|
|Gas prices display further gains this morning despite the system opening 9mcm long. Weak wind generation will push gas-fired power demand higher this week and flows via Langeled and South Hook have decreased. The Pound also continues to weaken, while disruptions caused by Hurricane Harvey have resulted in a bullish outlook for oil prices.||Wind generation is low today and any improvement later in the week will be minimal, providing support to power prices at the front of the curve. The gains are not as significant as those displayed by gas as cooler temperatures will reduce demand. Elsewhere, concerns regarding nuclear availability in France have eased, limiting upward movement further along the curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices are stable this morning and trade just below $51.9/b; the effects of Hurricane Harvey have resulted in higher gasoline prices but have had little impact on Brent. However, the storm is expected to hit the Texan coast again which may result in lengthy shutdowns at oil refineries, supporting the market.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 45.10ppt and £46.07/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.