|Market Close||Market Close|
|Gas prices displayed little movement yesterday as oil and coal markets moved in the opposite directions, cancelling each other out. Cooler temperatures also led to a slight rise in residential demand, with weaker renewables forecast for today, lifting CCGT demand; this helped to cap any bearish movement on the near-curve.||Power prices were little changed during yesterday’s session with little support provided by the gas market. The prompt was bullish due to an expected drop in renewable generation today, although cooler weather has reduced demand for air conditioning. Meanwhile, oil traded flat and coal & carbon were bearish.|
|Market Open||Market Open|
|The UK gas system is slightly short this morning resulting in some upward movement at the front of the curve. Wind levels are low as expected but should improve later next week, while the short term weather forecast is cooler, providing additional support. Movement further along the curve is minor as oil and coal markets have stabilised.||Coal and oil markets have moved down this morning, limiting upward movement at the back of the power curve, while the front of the curve has increased due to weaker fundamentals. Wind and solar levels have dropped today but should improve next week which has helped the prompt shed from its price.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices decreased further during Thursday’s session but display a rebound this morning, erasing any losses incurred at the start of yesterday’s trading. Bullish pressure was provided by predictions of another decline in crude oil stocks and an Iranian military exercise close to a major oil shipping lane.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 57.55ppt and £57.28/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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