11th May 2017 | Posted by: Catherine Grand | Market Analysis

Gas Power
Market Close Market Close
European gas prices were rangebound on Wednesday, pressured by weak demand forecasts in the coming days on one side and supported by a rebound in oil prices on the other. Norwegian gas exports to Europe fell to their lowest level since September 2016, which is mainly due to planned field maintenance work over the next three days. UK Gas prices have remained at similar levels to yesterdays close. The market opened higher, and has since softened. Mild temperatures are expected for the remainder of the week, which in turn is reducing demand and pulling prices down.
Market Close Market Open
The weaker demand following rebound in temperatures is pressuring spot power prices to the downside while supply conditions remain relatively stable. On the far curve, power prices rebounded slightly yesterday with higher oil prices likely pushing part of the energy complex to the upside. Similar to UK Gas, Power has remained at very similar levels to yesterdays close. Wind and Solar levels have increased today, allowing better generation and pushing prices down.

For a breakdown of the current generation mix visit our Power Generation Insights page.

Brent Summary

Brent prices moved back above $50/bbl towards the close following the release of the weekly EIA US Crude stock report, this provided support to the gas curve.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas & commercial electricity has decreased – closing at 41.58ppt and £41.35/MWh, respectively

Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page

‘Click to enlarge graph’

Energy Price Graph - 11-05-17

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