|Market Close||Market Close|
|Yesterday, Centrica announced the withdrawal rate of the Rough storage unit which is down to just 4 wells (as reported here). It was revealed that the minimum rate of withdrawal over the winter period would be 4mcm, with a maximum of 6-7mcm. However, this announcement had little impact on yesterday's prices which were pushed higher by weak supply levels and stronger Brent.||Power contracts added to their price yesterday with direction coming from upward movement on the gas curve and stronger Brent. Weakening coal helped to limit the gains further along the curve but a drop in wind generation supported the prompt.|
|Market Open||Market Open|
|Gas prices have opened at a discount this morning with direction coming from yesterday's significant rebound in Brent and improved supply. Norwegian flows remain rather weak but the UK gas system has opened 6mcm long with supply levels expected to improve further throughout the day.||Changes on the power curve are similar to gas this morning with most contracts displaying a decrease. Brent displayed strong gains during yesterday's session but eased off this morning, helping to weigh on the far-curve, while falling gas is the main factor behind losses at the front of the curve.|
Brent 1st-nearby prices display sizeable gains this morning and have climbed above $44/b with the latest EIA inventory report continuing to provide support.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased slightly - closing at 40.23ppt and £42.26/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