|Market Close||Market Close|
|Following a bearish open, gas prices increased due to a rebound on fuel markets. The system was slightly short but contracts were pressured down in the morning by a warm weather outlook for the weekend. However, weak LNG send-outs and some supply constraints caused by outages in Norway, limited the losses.||Above average temperatures are forecast over the bank holiday weekend which contributed to bearish movement at the front of the power curve on Thursday morning. Weaker renewables meant the prompt only showed a minimal decrease, while a rise in oil and coal prices limited losses further out.|
|Market Open||Market Open|
|The system is slightly short this morning but demand levels are expected to fall below 200mcm this weekend, helping the prompt open at a strong discount. Supply via the interconnector has improved to its highest level since October 2017 but Langeled flows remain weak. Further out, prices continue to take direction from stronger coal and oil, with a weak Pound also a factor.||The weekend’s warm weather outlook has weighed on the prompt this morning as demand levels are expected to decrease and solar power should rise. The rest of the near-curve displays slight gains on the back of gas supply constraints, while a weaker Pound and rising fuel markets have supported contracts at the back of the curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices increased yesterday afternoon with concerns in regards to the US placing new sanctions on Iran providing support, in addition to OPEC production cuts.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 51.78ppt and £51.41/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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