|Market Close||Market Close|
|UK markets were closed yesterday due to the bank holiday but the majority of contracts ended Friday’s session at a discount. Warm weather over the weekend helped to reduce demand levels as expected, while the outlook for oil was bearish following the OPEC meeting. In terms of supply, exports via the IUK pipeline were very strong, helping to weigh on European prices.||Power prices displayed small gains at the front of the curve on Friday as warm weather was expected to raise cooling demand over the weekend. Further out, prices were pushed higher by stronger carbon prices, with a weaker Pound also a contributing factor.|
|Market Open||Market Open|
|Residential demand in the UK and across Europe is expected to remain low today, while imports are expected to ramp up, resulting in a long system. Exports to Europe are set to remain high due to the excess supply but will be slightly down from last week’s levels. This comfortable supply outlook and the expected arrival of 2 LNG deliveries at the start of June should result in further losses across the near-curve, although the far-curve should be more resilient.||Near-curve power prices display gains this morning on the back of a drop in wind and solar generation. Wind levels are expected to remain rather low for the rest of the week but should improve after the weekend. Meanwhile, cloud cover will also limit solar power, although mild weather should result in stable consumption, restricting the gains.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices stabilised around their 200-day average during yesterday’s session as the UK, US and Chinese markets were closed. Prices display a small loss this morning and further bearish movement cannot be ruled out due to doubts about the impact of last week’s OPEC deal; Brent currently trades just below $52/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 43.55ppt and £42.94/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.