| Gas | Power |
| Market Close | Market Close |
| Gas markets were bullish at the end of 2016 with colder weather forecasts and an increase in coal and oil contracts offering support. Further maintenance at the Rough storage facility was also scheduled to take place until the 4th of January which led to a reduction in withdrawal capacity; resulting in an increase in European imports. | Higher residential consumption over the last fortnight helped to lift power prices, with weaker nuclear availability in Europe also contributing to the gains, while wind generation was also below average. Further out, stronger coal and oil contracts provided additional support. |
| Market Open | Market Open |
| Gas prices are expected to correct downwards throughout today's session following sizeable gains over the holiday period. The UK gas system has opened long this morning following a sharp rise in flows via the IUK pipeline. Temperatures are also expected to turn milder next week which will help lower demand levels, although the rest of this week will remain cold, limiting losses on the near-curve. | Power contracts track the movement of gas this morning and display some losses, with a milder weather outlook for the middle of January helping towards the downward movement. Wind generation is also set to improve this week but stronger demand in the short term has contributed to a strong gain on the prompt. |
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Brent Summary Brent 1st-nearby prices have posted gains since the start of the Christmas period and now trade close to $57.3/b. The OPEC/ non-OPEC deal remains the main supportive factor with production cuts taking place from the start of the New Year. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 47.05ppt and £48.57/MWh, respectively. Today's prices can also be found in an easy to read table on our 'current UK energy price' page. |
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