| Gas | Power |
| Market Close | Market Close |
| Strong wind generation and mild weather reduced gas demand yesterday, with a similar forecast for the next few days, helping to weigh on near-curve contracts. Russian imports into Europe also improved, while LNG supply was comfortable. Meanwhile, oil prices increased in the afternoon and the coal market stabilised, although upward movement on the gas curve was minimal. | Power prices generally held their price on Tuesday with healthy renewable generation resulting in a drop in more expensive gas-fired generation. Following a bearish opening, oil prices rallied higher later in the session and the coal market continued to be supportive. |
| Market Open | Market Open |
| Gas prices are largely unchanged this morning with a slight increase in temperatures expected over the next few days. The UK gas system is close to balance as Norwegian flows are down and LNG send-outs are weaker, limiting bearish movement at the front of the curve. Further out, oil prices display gains, helping to cap any downward movement. | Power contracts mirror gas this morning and are little changed as wind levels are expected to increase further tomorrow and Friday before dropping significantly next week, however, stronger solar power is expected to make up the shortfall. Temperatures are also set to improve as we enter the weekend and are forecast to be 2°C above the seasonal norm. |
For a breakdown of the current generation mix visit our Power Generation Insights page.
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Brent Summary Brent 1st-nearby prices rebounded yesterday afternoon following six consecutive bearish sessions; Brent now trades just below $49.8/b. Oversupply continues to apply downward pressure to the market but the latest API figures provided support. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 42.95ppt and £42.96/MWh, respectively. Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page. |
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