|Gas prices moved down on Thursday, the losses were displayed across the curve, with the larger decreases recorded at the front. A surprise drop in oil helped to weigh on some prices, while the forecast for short term fundamentals was unchanged.
|Power prices displayed minor downward movement during yesterday’s session as some European markets were closed. A drop in gas helped to weigh on corresponding power prices, with weaker oil also a factor.
|The UK gas system is undersupplied this morning as temperatures are cooler, lifting demand. Despite this, prices remain bearish with warm weather expected over the weekend and next week, while carbon and oil markets are weak.
|Overall sentiment on the power curve remains bearish as oil displays another loss, gas continues to weaken and carbon has decreased by almost a Euro. Demand levels are also set to decrease as temperatures turn milder, while wind levels should remain around current levels.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices recorded a strong loss yesterday which was a surprise to traders as the EIA reports was expected to show bullish figures, however, production in the US only showed a minimal slowdown.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas moved down, while commercial electricity increased – closing at 49.55ppt and £54.21/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.