|Market Close||Market Close|
|The majority of gas prices moved higher yesterday despite a healthy supply picture at the start of the session. Norwegian flows increased significantly and Dutch imports also rose which resulted in a long UK gas system. However, an outage led to a decrease in flows via the Langeled pipeline in the afternoon which helped the prompt climb higher. Fewer LNG deliveries into the UK also reduced send-outs, providing further upward pressure.||An improved wind generation forecast for today helped Day-Ahead power move down yesterday, although the rest of the curve was influenced by rising gas in the afternoon. Meanwhile, temperatures were expected to remain mild today, reducing consumption levels and limiting some of the gains on the near-curve.|
|Market Open||Market Open|
|Residential demand is expected to fall 19% below the seasonal norm this morning but the UK gas system remains undersupplied as Norwegian imports are below 50mcm due to yesterday's outage. This weaker supply picture has resulted in numerous gains across the near-curve, assisted by the forecast of a drop in temperatures tomorrow.||The prompt displays strong gains this morning as wind generation is set to halve tomorrow to around 2GW. Two coal-fired power plants have also started the session short of their full capacity which resulted in upward movement on the rest of the near-curve. The gains are less prominent than those displayed by gas as both facilities are expected to generate at normal levels later in the day.|
Brent 1st-nearby prices have dropped by over $0.60/b with Friday's OPEC meeting expected to reveal a number ofbearish factors which should lead to further losses; Chinese economic data remains weak, while crude oil stock are unexpectedly on the rise.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 38.25ppt and £39.83/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