| Gas | Power |
| Market Close | Market Close |
| Near-curve gas contracts moved higher yesterday with support coming from a strengthening coal market and an expected drop in temperatures in the second half of February. Storage levels were close to record lows across Europe, with an outage at the Rough storage facility continuing to fuel bullish pressure in the UK. | The majority of power contracts added to their price on Tuesday with direction coming from a colder weather outlook for this month, continuing into March. Wind generation was also set to drop today which resulted in gains on the prompt. Meanwhile, stronger coal and oil markets provided additional bullish pressure further along the curve, with a weaker Pound also a factor. |
| Market Open | Market Open |
| Below average temperatures are forecast to hit the UK next week which will push demand levels higher, resulting in gains at the front of the gas curve this morning. The gas system is oversupplied but an expected increase in demand tomorrow has helped the prompt climb higher. | Power prices continue to find support from a higher demand forecast as a result of below average temperatures, wind generation has decreased and upward movement on the gas curve has also contributed to the gains. The upward movement was slightly restricted by a drop in coal prices but the overall trend remains bullish. |
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Brent Summary Brent 1st-nearby prices recorded gains yesterday before moving down slightly this morning to trade at $55.65/b, close to their monthly average in January. A study by Reuters shows an 87% compliance to the OPEC/ non-OPEC deal, offering support to the market. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity recorded a small loss - closing at 48.45ppt and £47.20/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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