|Market Close||Market Close|
|Mild temperatures resulted in weak demand yesterday which helped the prompt shed from its price. Supply levels were generally comfortable and the gas system was balanced throughout the session. However, the Euro strengthened against the Pound later in the day which restricted some of the losses further along the curve.||A stronger wind generation forecast for today and a bearish gas market contributed to numerous losses across the power curve yesterday. Healthier renewable generation levels helped the prompt to decrease by £3.15/MWh, as the UK's reliance on more expensive gas-fired generation was reduced.|
|Market Open||Market Open|
|The UK gas system was 15mcm short this morning as demand levels are slightly higher and Norwegian flows have dropped significantly. The overall demand outlook remains weak as temperatures are expected to remain above average over the weekend which has helped to restrict some of today's gains. Further out, an increase in coal and Brent provided additional bullish pressure and most contracts moved higher.||Power prices display an upward trend this morning and the majority of contracts have followed their gas counterparts. Healthier wind generation has helped to limit the upward movement on the prompt but stronger Brent has offered support to far-curve contracts.|
Brent 1st-nearby prices have increased this morning, climbing back above $43/b with support coming from a weaker US Dollar, however the current outlook remains bearish ahead of today's OPEC meeting.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased, while commercial electricity recorded a small loss - closing at 37.55ppt and £39.35/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