Prompt gas prices fell following the return of the Nyhamna gas processing plant. Seasonal contracts followed the prompt, despite the rising Brent oil prices and the unrest in Egypt.
Day-ahead power, despite the forecasted rise in wind generation, as well as the return of the 600MW power plant in Fife, did not record any falls. The far curve power prices fell, following its gas counterpart.
How did the energy markets open?
Mixed sentiment with the gas markets today, with day-ahead and Oct-13 increasing by 0.1ppt and 0.3ppt respectively, unlike the front months which opened lower. The system opened fairly balanced today at 3mcm long, with Kollsnes going through maintenance.
Both day-ahead (+£0.35/MWh) and front month (+£0.30/MWh) power prices strengthened today. Higher wind generation was not enough to pull the contracts down, as it now makes up 7% of the fuel mix.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity fell - closing at 67.23ppt and £51.25, respectively. This can be seen in the graph below.
Note: Brent Crude prices are taken from opening market data, and do not represent the price as it changes throughout the day.
Latest Brent Crude Prices
Brent oil seems to be responding to the violence in Egypt, as it surged past $110/b yesterday, opening slightly lower at $109.5/b.