|Market Close||Market Close|
|Gas contracts recorded losses at the start of Wednesday's session on the back of a warm weather outlook and comfortable supply. However, a surge in oil prices in the afternoon resulted in strong gains across the curve, erasing the morning's losses and ignoring a comfortable supply outlook.||Movement on the power curve was similar to the gas market with early morning losses due to a lower consumption forecast, followed by price increases in the afternoon. Warm weather is expected over the weekend and next week which will keep residential demand low, while generation levels are comfortable.|
|Market Open||Market Open|
|Strong upward movement can be seen across the gas curve this morning with average gains of 1.70ppt recorded since the start of yesterday's session. The rise in oil prices is the main factor behind the bullish movement, with further support coming from a drop in supply levels in the UK and on the continent.||Power prices have also increased this morning and followed the movement of their gas counterparts, with a weaker Pound also assisting the bulls. A drop in coal prices helped to restrict some of the gains further along the curve but not enough to limit the price increases entirely.|
Brent 1st-nearby prices rallied higher yesterday due to large-scale wild fire in Canada which has caused major supply disruptions, while conflict in Libya has also offered strong support; prices climbed to around $45.7/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 35.57ppt and £37.58/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