|Market Close||Market Close|
|Demand for gas-fired power generation fell yesterday as wind power rose significantly, providing downward pressure on the near-curve. Prompt contracts moved down despite a drop in Norwegian flows and the start of maintenance at UKCS facilities, while a rebound in oil prices limited the losses on the far-curve.||Power contracts displayed minor losses on Wednesday with weaker gas and coal markets helping to weigh on prices across the curve. Wind generation was healthy which helped the prompt move down, while a rise in Brent resulted in some upward movement on the far-curve in the afternoon.|
|Market Open||Market Open|
|Oil prices continue to provide bullish sentiment on the far gas curve this morning, while weaker supply has supported prompt prices. UKCS production has decreased further due to maintenance at the Vesterled pipeline but Norwegian flows to Europe have improved slightly.||A reduction in wind power has offered support to the Day-Ahead power contract this morning and the rest of the near-curve has mirrored the upward movement of their gas counterparts. Overall movement is minimal with a drop in coal offsetting rising Brent, helping towards the stability on the far-curve.|
Brent 1st-nearby prices increased by almost $1/b and sit just below $43/b this morning with bearish sentiment provided by a drop in crude oil stocks.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased slightly - closing at 40.40ppt and £42.36/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