|Market Close||Market Close|
|Gas prices were pushed higher by bullish movement on the oil market yesterday, with political tensions between Turkey and Iraq threatening to impact exports from the Kurdistan region. Colder temperatures are also expected to lift demand levels next week, providing further support to prices on the near-curve.||Weak renewable generation continued to support near-curve power contracts yesterday, with a colder weather forecast for the start of October also a factor. Later in the session, the rest of the curve displayed price increases following strong upward movement on the oil and gas markets.|
|Market Open||Market Open|
|The UK gas system has opened 13mcm short this morning following a drop in flows via the Langeled and St Fergus pipelines. However, temperatures for next week have been revised slightly higher, which in turn has reduced the LDZ demand forecast. Meanwhile, oil prices have stabilised following yesterday’s strong gains, limiting some bullish movement on the far-curve.||The wind generation forecast in the short term is very mixed - Levels are expected to improve tomorrow but will decrease again towards the end of the week, while the outlook for solar is more stable. The prompt displays a small gain this morning, while the rest of the curve has been pushed higher by a rise in carbon contracts and a bullish oil outlook.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have added almost $2/b to their price following Turkey’s threat to cut crude oil exports from the Iraq Kurdistan region to the rest of the world. The possibility of the pipeline being halted helped prices reach their highest levels since July 2015 during yesterday’s session.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 46.12ppt and £46.37/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.