|Market Close||Market Close|
|Improved Norwegian and UKCS supply, as well as an upward revision in temperatures for next week helped to pressure down contracts on the near gas curve yesterday morning. However, a rise in coal and oil contracts helped to recover these losses in the afternoon, with a weaker Pound also adding to the bullish sentiment.||An increase in fuel prices resulted in strong market movements and helped power contracts climb higher yesterday afternoon. A weaker demand forecast for next week limited some of the gains on the prompt but wind generation is expected to remain quite weak.|
|Market Open||Market Open|
|Supply levels remain healthy and the UK gas system is long this morning, restricting upward movement on the prompt. LNG send-outs are also at their highest point since September 2016 with two deliveries expected to arrive at South Hook this weekend. Despite this comfortable supply picture, the overall trend remains bullish as stronger coal and an expected drop in temperatures in the second half of March has offered support.||Power prices continue to mirror their gas counterparts this morning which has been the case for a number of weeks. A rise in fuel prices continues to spark buying interest which has contributed to further gains at the start of the session. Some downward pressure could be provided by a mild weather outlook for next week, potentially erasing some of the gains on the near-curve this afternoon.|
Brent 1st-nearby prices show very little change from yesterday’s opening, peaking at around $57/b in the afternoon before dropping back to around $56.4 this morning. Some bearish pressure was provided by the latest EIA report which showed another increase in crude stocks and an increase in output.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 45.68ppt and £45.37/MWh, respectively.
Today’s prices can also be found in an easy to read table on or ‘current UK energy price' page.
Click graph to enlarge
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