|Gas prices inched lower on Wednesday despite a lack of clear direction. Oil prices moved down, while power showed mixed movement and coal & carbon increased. Meanwhile, an oversupplied system and milder weather outlook weighed on the near-curve.
|Power prices decreased during yesterday’s session, following weaker gas and oil, although other fuel markets provided some resistance. Weaker wind levels helped the prompt climb higher but gains on the near-curve were capped by an expected rise in temperatures.
|Gas contracts show little movement this morning despite an undersupplied system as oil, carbon and power markets are practically unchanged. Bullish fundamentals are few and far between in terms of the global economy and traders await further news from OPEC.
|Fuel markets continue to display mixed changes, while the supply/ demand picture remains tight. Power prices are stable-to-bullish as a result but a milder and windier weather outlook has kept a lid on the near-curve.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display another loss as suggestions of OPEC production cuts only provided temporary support. It now appears that the group’s wider member base has shown little backing for the idea and major cuts are not likely at this time.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity recorded a gain – closing at 29.92ppt and £39.13/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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