|Market Close||Market Close|
|A mixture of mild temperatures, healthy supply levels and falling oil prices helped to pressure down contracts across the gas-curve on Monday. Gas demand was 7% lower than Friday, although Russian and Norwegian flows were slightly reduced, however, this was not enough to effect the prompt contract.||Downward movement was evident across the power curve as milder weather is expected to lower consumption, while wind generation has also been revised higher. The Day-Ahead contract fell by £1.30/MWh by the end of the session and Front-Month shed £0.45/MWh from its price. Meanwhile, far-curve contracts decreased on the back of a weakening oil market.|
|Market Open||Market Open|
|Brent continues to decrease this morning which has resulted in further losses on the far gas curve. The supply/ demand outlook for the next few days also remains healthy which has failed to offer support to prices during a bearish opening to the session. The UK gas system is oversupplied was morning, with Norwegian imports increasing by 10mcm.||The sentiment on the power curve remains bearish this morning with a lower short-term demand forecast and weaker gas & oil markets the main factors for the downward movement. An improved wind production outlook contributed to the losses on the prompt but an expected drop in temperatures next week has limited some of the price-drops on the near curve.|
Brent 1st-nearby prices have fallen to around $37.4/b this morning as there is some pessimism in regards to a deal being reached at the upcoming 'freeze deal' meeting in Doha following comments made by officials in Saudi Arabia.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 30.68ppt and £34.08/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