|Market Close||Market Close|
|Falling oil prices helped to pressure down contracts on the far-curve yesterday although movement on the prompt was bullish due to a drop in Norwegian supply and the start of scheduled maintenance work at facilities in the UK; however, another drop in exports to Belgium via the IUK pipeline helped to limit some of the gains.||Most power contracts shed from their price on Monday with losses on the gas market and falling Brent continuing to weigh on the power curve. A drop in wind generation for today helped to support the prompt but the rest of the curve inched lower due to stable fundamentals.|
|Market Open||Market open|
|Fundamentals on the gas market are little changed this morning and losses can be observed across the curve, with the help of another drop in Brent. Belgium exports have increased strongly and the UK gas system remains tight but this weak supply picture has failed to pressure contracts higher.||A strong rise in wind generation is forecast for tomorrow and has resulted in a sizeable loss for the Day-Ahead contract this morning. Losses can also be observed on the rest of the curve with contracts following their weaker gas counterparts, while a decrease in coal and oil contracts provided bearish pressure further out.|
Brent 1st-nearby prices continue to move down and posted a loss of over $1/b overnight to temporarily fall below $42/b, before rebounding to $42.04/b this morning. Fundamentals are generally unchanged ahead of this week's EIA report, while on-going tensions in Nigeria remain a factor.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 40.82ppt and £42.80/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