|Market Close||Market Close|
|Cold temperatures and reduced imports from Norway resulted in a tighter gas system yesterday which led to gains at the front of the curve. The drop in temperatures saw demand levels rise to 27% above the seasonal norm with a further increase expected today. Meanwhile, an outage at the Heimdal platform restricted Norwegian exports by 13mcm compared to last week's average. Another drop in the Pound and gains on the oil market also helped to support gas contracts further out.||High demand levels supported contracts on the near-curve on Monday, with cold weather expected to continue throughout December. Contracts further out were more stable, with the morning's losses erased in the afternoon by a rebound in oil prices.|
|Market Open||Market Open|
|Norwegian exports have decreased further this morning while demand levels are expected to peak across the continent, contributing to bullish movement on the near gas curve. Elsewhere, the Bergermeer storage site in Holland is undergoing a planned outage, further reducing supply levels. Temperatures have also been revised downward for the coming days, with additional support coming from rising Brent.||Day-Ahead power displayed a strong loss this morning as wind generation is forecast to increase and less supply is being transported to France. However, the rest of the curve is bullish as the next couple of months are expected to be cold, keeping demand levels high and gas systems tight.|
Brent 1st-nearby prices displayed a strong rebound towards the end of yesterday's session and sit just below $48/b this morning. The market remains volatile ahead of tomorrow's OPEC meeting as traders are uncertain in regards to a freeze deal being agreed.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 45.95ppt and £45.25/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.