|Market Close||Market Close|
|Weak fundamentals helped gas prices close at a low on Friday after three consecutive bullish sessions. British gas demand dropped on Friday due to milder temperatures, however a drop in storage withdrawals meant that the system remained balanced.||Power contracts saw some bearish pressure throughout Friday's session and over the weekend as a result of rising temperatures, strong wind and a healthy thermal supply picture.|
|Market Open||Market Open|
|Gas prices saw a downward correction today as the UK system opened long and demand remained low due to milder temperatures. Brent prices rebounded again this morning which resulted in far curve contracts making gains.||The rise in temperature and resultant drop in demand pushed the curve downwards this morning. As with the gas, far-curve power contracts strengthened on the back of increasing Brent prices. Power prices are expected to remain flat this week, however colder mid-week temperatures may provide some support.|
Brent 1st nearby prices rebounded $6/b last week before losing some value this morning to trade at $35/b. The outlook for today is expected to remain bearish, with another downward correction forecast.
1-year forward prices
Market close data has revealed that the 1-year forward price of both commercial gas and commercial electricity decreased - closing at 31.70ppt and £35.70/MWh, respectively.
Today's prices can also be found in an easy to read table on our 'current UK energy price' page.
Click to enlarge graph