|Market Close||Market Close|
|Gas prices displayed mixed changes on Friday with a weaker outlook for Norwegian supply into the UK helping near-curve contracts climb higher; further support was also provided by a weakening Pound. Prices initially opened lower but a change in fundamentals helped most contracts erase the morning’s losses as coal and oil continued to strengthen.||Power contracts increased in the afternoon and tracked the movement of the gas market, with a jump in coal and a drop in the Pound also supportive factors. Wind levels were also forecast to fall over the weekend and the start of this week, further assisting the bulls.|
|Market Open||Market Open|
|Coal prices continue to show strong upward movement this morning and this, combined with rising oil has helped to support the gas curve. The UK gas system is also 30mcm short due to unplanned outages which have restricted UKCS output, while Norwegian flows remain low.||Power prices are bullish this morning with direction coming from rising coal, gas and oil markets. CCGT demand is 12mcm higher as renewable generation is down from Friday’s levels, despite increased solar availability.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent recorded further gains over the weekend and trade around $52.4/b this morning. Bullish pressure has been provided by a scheduled OPEC meeting next week which will address why certain countries have failed to make significant production cuts.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 42.95ppt and £43.58/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.