|Market Close||Market Close|
|Gas contracts moved higher on Thursday as temperatures remained cold, resulting in a tighter gas system, although mild temperatures are expected over the weekend. Near-curve contracts also received support from a weaker Pound and gas-fired power generation is set to rise due to weak renewables.||Most power contracts displayed a loss yesterday with the prompt closing at a discount on the back of a weaker demand outlook. Meanwhile, the announcement in regards to the postponed shutdown of the Fiddler's Ferry power plant helped to pressure down contracts on the far-curve.|
|Market Open||Market Open|
|Supply levels in Europe are expected to remain strong in the short term which has helped gas contracts open at a discount this morning. Russian imports to the continent are at their highest levels since 2010, while Norwegian gas flows stand at around 340mcm. Temperatures are also set to rise over the next few days which has further contributed to the downward movement.||Stronger gas and oil prices have offered support to contracts on the far power curve this morning, although the expected drop in demand over the coming days has helped some prompt contracts move down. Weak wind generation has limited any downward movement on the Day-Ahead contract, with further resistance coming from weaker gas.|
Brent 1st-nearby prices have climbed back above $40/b this morning following the expiration of the May contract. However, the general sentiment for the oil market remains bearish as an agreement in regards to a potential 'freeze deal seems unlikely.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased, while commercial electricity was unchanged - closing at 31.40ppt and £34.65/MWh, respectively.
Today's prices can also be found in an easy to read table on our 'current UK energy price' page.
Click graph to enlarge