|Market Close||Market Close|
|Sentiment on the gas curve was bullish on Monday with an expected drop in temperatures, increased gas-fired generation and limited Norwegian flows combining to push contracts higher. Brent also strengthened in the afternoon and contributed to upward movement further along the curve, with rising coal prices also a factor.||Power prices were largely dictated by gas yesterday, although fundamentals in general were bullish as we enter the winter period. Meanwhile, the shutdown of nuclear reactors in France continues to add to supply fears over the next few months which has helped to push the Dec-16 and Jan-17 contracts higher, with APi2 coal also posting a gain.|
|Market Open||Market Open|
|The UK gas system is well-supplied this morning but the front of the curve continues to take direction from a colder weather outlook for next week which will lead to a rise in demand levels. Low wind levels have also increased the UK's reliance on expensive CCGT generation, further supporting the prompt. Further out, contracts have found support from the announcement made by Centrica which confirmed that storage withdrawals from the Rough facility have been delayed till the second half of November.||The front of the power curve has tracked the gains displayed on the gas market again this morning, with the prompt in particular recording a significant increase. Cold weather and weak wind generation are also supportive factors, while APi2 coal has strengthened further and helped far-curve contracts add to their price.|
Brent 1st-nearby prices have moved higher this morning as OPEC have agreed a long term strategy to help support the market which could mean an agreement between major oil producers is close; Brent currently trades close to $50.4/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas moved higher, while commercial electricity posted a loss - closing at 47.15ppt and £49.25/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
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