| Gas | Power |
| Market Close | Market Close |
| Gas prices climbed higher yesterday following two unplanned outages in Norway, with further upward pressure coming from strong consumption levels. The outages in Norway are expected to take up to two days to resolve but a milder weather forecast should reduce demand levels, restricting the gains on some contracts. | Norwegian imports into the UK are still restricted this morning due to yesterday's outages but demand levels have fallen as expected, helping to weigh on near-curve contracts. Overall sentiment on the far-curve is also bearish with Brent prices expected to come down following yesterday's gains. |
| Market Open | Market Open |
| A union strike in France offered strong support to power prices yesterday as 5.9GW of generation capacity was taken offline. A rise in gas and higher consumption also offered support, as did strengthening Brent later in the afternoon. | An above average temperature forecast has helped to weigh on near-curve power prices this morning, although wind generation is set to drop from 4.5GW to 2GW tomorrow which has limited the losses. The mild weather outlook is expected to last until the end of the month and further price-drops can be expected. |
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Brent Summary Brent 1st-nearby prices climbed higher yesterday afternoon, rising by nearly $1.8/b to trade above $45.5/b this morning. Saudi Arabian officials announced that they would co-operate in helping to stabilise oil prices which fuelled the market and led to yesterday's gains. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 36.61ppt and £38.95/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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