|Market Close||Market Close|
|Undersupplied systems across Western Europe supported gas contracts on Wednesday, although improved UKCS production restricted gains in the UK. Maintenance at Norwegian and Russian gas fields continued to create bullish pressure, although weaker oil helped to weigh on some contracts on the far-curve.||Gains on the gas market transferred to the power curve yesterday, although falling oil limited losses at the back of the curve. Weak wind production supported the prompt, although the solar forecast for the next few days is much stronger than previous sessions.|
|Market Open||Market Open|
|The system has opened 8mcm long this morning with demand levels 10mcm below the seasonal average. Langeled flows are also 50mcm higher, while South Hook output shows a marginal improvement. Warmer weather should further reduce demand over the weekend, adding to the bearish sentiment. Meanwhile, the Pound has strengthened against the Euro, helping towards downward movement at the back of the curve.||Falling gas has contributed to losses on the near power curve this morning, while a stronger Pound has helped to pressure down contracts at the back of the curve. The prompt is the exception to the downward movement as wind generation will remain low today and tomorrow but healthy solar power is expected over the weekend.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have posted further losses and trade below $50.7/b following a mixed stocks report yesterday. The EIA report showed a decline in commercial crude stocks, while demand remains low due to the temporary shutdown of refineries in the US.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased– closing at 44.69ppt and £45.84/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.