|Market Close||Market Close|
|There was very little trading yesterday due to the Bank Holiday in the UK, with only 3 contracts trading on the Dutch TTF (Title Transfer Facility) market, compared to 80 on Friday. The movement on these contracts was bearish with a milder weather forecast for May and falling oil prices weighing on the market. Gas demand in the UK was 21% lower than Friday, while imports from Norway remained comfortable.||Power contracts decreased by the end of Friday's session in anticipation of a drop in consumption levels today due to a rise in temperatures. Weakening Brent helped to contribute to losses further along the curve, while the end of maintenance at the Langeled pipeline will provide an extra 15mcm of supply this week.|
|Market Open||Market Open|
|The gas curve continues to display strong downward movement this morning with demand levels falling to 220mcm, from 264mcm on Friday. However, the UK gas system is slightly short as BBL flows have dropped to zero and exports to Belgium have increased. Meanwhile, Norwegian gas flows are not expected to be impacted for the remainder of the month from this weekend onwards, providing further bearish pressure.||The majority of power contracts have opened at a strong discount this morning with consumption levels falling across Europe due to milder weather. Renewable generation is also on the rise which helped the prompt shed from its price, with falling Brent and gas continuing to weigh on prices further out.|
Brent 1st-nearby prices display a significant drop since Friday's session as increased output in the Middle East and global oversupply has returned to the fore.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 33.28ppt and £36.93/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