Spot power prices moved down yesterday afternoon as wind production was expected to be stronger today, coal prices decreased and lignite-availability also improved. Further bearish movement could occur this afternoon if fuel prices continue to weaken. Gas prices corrected downwards yesterday with no news from Ukraine to push prices higher; allowing healthy fundamentals to dictate the market. Norwegian gas flows have increased to their highest levels since May, resulting in an over-supplied system; prices are expected to fall further. Today's prices can also be found in an easy to read table on our 'current UK energy price' page.
How did the energy markets close?
Maintenance in Norway reduced Langeled flows to 0mcm yesterday, while Theddlethorpe output was also at 0mcm. Despite this reduction in supply Day-Ahead recorded a 1.20ppt loss although scheduled maintenance for September offered some support to near-curve prices. Storage levels stand at a healthy 95% and provided bearish support to the far-curve. Power prices followed weaker gas and the majority of contracts posted a loss, with a calmer situation in Ukraine also a factor. Wind generation levels are expected to remain low for the rest of the week, while carbon contracts have stabilised.
How did the energy markets open?
Gas prices recorded significant losses this morning with most contracts falling by around 2ppt. Front-Month was the largest mover, displaying a drop of 2.25ppt with bearish pressure coming from the Ukrainian ceasefire. The losses on the far-curve were less prominent with Winter-14 shedding 1.80ppt from its price. The power curve also displayed a bearish trend with Day-Ahead opening at a £1.60/MWh discount as a number of coal-fired plants are expected to return online. However, some seasonal contracts failed to display much movement one way or the other.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity climbed higher - closing at 57.40ppt and £49.93/MWh,respectively. This can be seen in the graph below. 
Note: Brent Crude prices are taken from opening market data, and do not represent the price as it changes throughout the day.
Latest Brent Crude Prices
Brent 1st-nearby prices are close to their lowest point for 16 months, currently trading at $100.7/b. Meanwhile, WTI fell below $92.7/b with healthy supply the main market driver at present.