|Market Close||Market Close|
|Gas contracts were on the decline on Friday due to a healthy supply/ demand outlook and falling oil prices. Mild temperatures were expected for the start of April, reducing demand levels across Europe, while Russian and Norwegian flows into the continent remained strong. However, some of the losses on the near-curve were restricted by a drop in the Pound against the Euro.||Day-Ahead power moved higher on Friday on the back of a low wind generation forecast, with the gains filtering through to the rest of the near-curve. Movement on the rest of the curve was generally bearish with oil prices posting a strong loss and with warmer weather on the horizon.|
|Market Open||Market Open|
|The overall sentiment on the gas curve remains bearish this morning with demand levels expected to fall by 30mcm compared to Friday's session; resulting in losses on the near-curve. Brent also displays a sizeable drop which has provided additional downward pressure further out. Meanwhile, the UK gas system opened long despite weaker flows from Russia and Norway and temperatures are expected to remain mild over the next couple of days.||Temperatures over the next few days are expected to be above the seasonal norm, weighing on consumption levels in the UK and leading to losses on the near-curve this morning. A weaker gas market also contributed to the downward movement, while Brent continues to weaken; applying downward pressure further along the curve.|
Brent 1st-nearby prices recorded a significant decrease on Friday as Saudi Arabia announced that they would only freeze output if Iran also agreed to a deal, resulting in doubts in regards to a positive outcome of this month's meeting.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 31.28ppt and £34.50/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