| Gas | Power |
| Market Close | Market Close |
| Gas prices climbed higher on Friday as a significant drop in wind levels and cold temperatures were expected today, increasing demand levels. IUK flows improved slightly and this helped to balance the system. Meanwhile, oil prices strengthened and this helped contracts on the far-curve close at a premium. | Low wind generation was forecast for today which resulted in gains for the prompt and the rest of the near-curve on Friday. The cold weather outlook also continued to apply bullish pressure to the curve, while rising Brent was the main market driver at the back of the curve. |
| Market Open | Market Open |
| Temperatures are expected to pick up later in the week but will remain below average for the majority of February according to current forecasts. However, near-curve prices have been pushed down by an oversupplied system on the back of higher storage withdrawals. Prices on the far-curve also display bearish movement as Brent has recorded a strong loss since Friday. | A drop in wind levels has resulted in a rise in gas-fired power generation this morning but this is forecast to change as the week progresses with some blustery weather expected; this has resulted in losses across the near-curve. Further out, contracts continue to take direction from the oil market which has moved down over the weekend. |
For a breakdown of the current generation mix visit our Power Generation Insights page.
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Brent Summary Brent has recorded a significant loss this morning and trades close to $68.1/b; the main reason for the current downward trend is the strengthening of the US Dollar, with OPEC cuts also an underlying factor. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 45.80ppt and £45.61/MWh, respectively. Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page. |
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