| Gas | Power |
| Market Close | Market Close |
| Gas contracts inched higher Tuesday morning but another upward revision in temperatures helped towards losses in the afternoon. The UK gas system was long following an increase in UKCS production, while wind levels are also expected to improve next week, weighing on the prompt. Further out, contracts were generally stable with little support coming from coal and oil markets. | A milder weather forecast helped power contracts shed from their price in the afternoon, although an expected drop in wind levels today meant the Day-Ahead contract held its price. Movement on the far curve was minimal with little direction provided by fuel markets. |
| Market Open | Market Open |
| The gas system remains long this morning as residential demand is 15mcm below the seasonal norm in the UK. However, unplanned outages continue to limit Norwegian supply, offering some support to the prompt. Meanwhile, increases for coal and power prices have limited downward movement on the far-curve. | Power contracts on the near curve have moved down this morning with direction coming from weaker gas. An improved wind generation forecast for next week also helped to weigh on prompt prices. However, concerns regarding French nuclear supply have restricted bearish movement further out. |
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Brent Summary Brent 1st-nearby prices have recorded a small decrease to trade around $55.7/b this morning with fundamentals largely unchanged from last week. Doubts regarding OPEC production cuts remain the main market driver with traders awaiting confirmation of reported figures. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 46.82ppt and £45.31/MWh, respectively. Today’s prices can also be found in an easy to read table on or ‘current UK energy price' page. |
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