|Market Close||Market Close|
|Gas prices displayed further losses on Thursday as the UK gas system was long throughout the session, with a rise in Norwegian imports also expected today. Norwegian flows are set to be redirected to the UK due to maintenance at pipelines to mainland Europe. LNG send-outs also increased with several deliveries expected to arrive in the coming weeks; this resulted in losses across the near-curve, while contracts further out were pressured down by falling Brent.||Power contracts shed from their price yesterday with comfortable renewable generation weighing on the prompt and weaker gas and oil contributing to losses further out. Fundamentals were little changed with temperatures falling in line with the seasonal norm with healthy levels of wind.|
|Market Open||Market Open|
|Norwegian flows to Europe have fallen by 47mcm today due to maintenance at the Zeebrugge pipeline, resulting in a 25mcm rise in flows to the UK via the Langeled pipeline. The UK gas system is heavily oversupplied as a result but the prompt has moved higher due to a rise in exports and a drop in UKCS production, however losses are displayed along the rest of the curve.||Wind generation is expected to remain high over the weekend which has helped the prompt open a strong discount this morning, while CCGT generation is also healthy. The rest of the curve mirrored the gas market and displayed less prominent losses, assisted by a drop in APi2 coal.|
Brent 1st-nearby prices displayed another strong loss yesterday despite a weakening US dollar, with direction coming from weak US manufacturing data and comments from the Russian Energy Minister which caused further doubts in regards to a potential freeze deal.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas was unchanged, while commercial electricity decreased slightly - closing at 37.75ppt and £41.57/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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