|Gas prices turned bullish yesterday afternoon, following a rebound on overall European energy markets and a rise in global commodities. LNG prices also increased as a major shale gas producer in the US filed for bankruptcy.
|Power prices followed gas and climbed higher yesterday, with carbon also showing a strong increase. An expected drop in wind and solar levels today provided additional support to the prompt, while coal and feedstocks were also bullish.
|The system has moved closer to balance as colder weather and weaker renewable generation has lifted demand for gas. Prices have settled down slightly following strong gains towards the end of yesterday’s session and the curve is rather flat this morning.
|The power curve displays mixed movement this morning as gas is stable and commodities offer little support in either direction. Renewable levels are set to decrease further tomorrow and cooler weather will continue, resulting in further gains on the prompt.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices climbed above $41.7/b yesterday as the latest Bloomberg report showed that US crude inventories were down by 0.8 million barrels last week.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased, while commercial electricity moved lower, closing at 32.75ppt and £43.90/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.