|Market Close||Market Close|
|Gas contracts continued on an upward trend as fundamentals were generally unchanged from Friday, with oil and currency markets holding firm; an increase in APi2 coal prices also lent support to the gas curve. Elsewhere, LNG supply remained strong with an expected flurry of deliveries expected to arrive in the UK over the next fortnight.||Power contracts rallied higher on Monday with bullish pressure coming from increases on the gas, coal and oil markets. Winter-16 in particular rose to its highest price since May 2015; adding £0.85/MWh to its price, to end the session at $47.65/MWh. In other news, temperatures are expected to revert back to above average levels this week which could lead to a rise in power consumption, especially in southern Europe.|
|Market Open||Market Open|
|The supply picture is little changed from yesterday which has resulted in a stable-to-bullish outlook on the near gas curve this morning. However, a drop in oil and coal contracts has helped to apply some downward pressure on the far-curve.||Strong wind generation has helped to limit increases on the prompt this morning which has ticked higher due to a higher consumption forecast, with warmer temperatures expected to result in a rise in cooling demand. A drop in Brent and Api2 coal also helped to limit gains on the far-curve.|
Brent 1st-nearby prices have decreased overnight and dropped below $49.5/b on the back of weak demand forecasts, while there is also some optimism in regards to a recovery in Nigerian oil output.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 42.65ppt and £44.42/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