|Near curve gas prices traded higher at the start of the session but gradually fell throughout the day. An expected rise in renewables today and over the weekend will reduce gas-fired power demand, but planned maintenance on the Nordstream pipeline and low LNG send-outs offered resistance.
|Power prices ended Thursday’s session lower with a strong rise in wind levels expected today which will continue into the weekend. An upward revision in EDF’s nuclear power forecast also had a bearish effect on the Q4-20 contract.
|Prices are slightly lower this morning but short-term fundamentals remain mixed. Maintenance at Nordstream will take 155 mcm/d away from European systems but weaker demand should prevent any shortfalls.
|Bearish sentiment has continued this morning with healthy renewables resulting in lower gas demand. Overall fundamentals are also little changed and provide little in the way of support.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices trade above $43/b this morning as Saudi Arabia has warned OPEC members it may resort to another oil price war if production is not cut to the agreed quota. Some nations have only reduced production by 60-70% and its impact on the market has been minimal.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased, while commercial electricity traded lower, closing at 32.37ppt and £43.58/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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