|Market Close||Market Close|
|Gas prices moved higher on Wednesday despite a bearish supply outlook, instead direction came from traders closing their short positions ahead of the expiry of some near-curve contracts. In terms of supply, demand is low due to mild weather, while LNG send-outs are comfortable. A rise in oil prices, on the back of the latest EIA report also offered support to the far-curve.||Gains were displayed across the power curve yesterday, although healthy wind generation and weaker demand helped the prompt shed from its price. Strengthening oil contracts pushed prices on the far-curve higher, with additional support provided by a jump in APi2 coal.|
|Market Open||Market Open|
|Further upward movement can be seen on the near gas curve this morning as traders continue to close short positions on certain contracts. LNG send-outs are lower compared to previous sessions and gas demand is expected to rise slightly as we head towards the weekend. Coal and oil contracts display further gains which has helped far-curve contracts to rally higher.||Power prices have climbed higher this morning, tracking the movement of gas, coal and oil markets. Meanwhile, wind generation is expected to remain healthy in the short term although this has had little impact on prices, although weak demand has limited the gains on the prompt.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have posted further gains this morning on the back of bullish news in terms of global supply. Libyan production is still disrupted, while recent OPEC compliance figures were positive.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 43.16ppt and £43.41/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.