|Market Close||Market Close|
|Gas prices continued to move higher in Tuesday’s session as traders closed their short positions en masse. A rise in gas-fired power demand also offered support to the near curve, in addition to a rise in oil, carbon and coal.||Power prices mirrored gas and increased yesterday, with additional bullish pressure provided by rising coal and carbon. Wind levels were expected to peak today, weighing on the prompt but a warm weather outlook lifted the rest of the near curve.|
|Market Open||Market Open|
|The UK gas system is oversupplied this morning, resulting in some losses on the near curve. However, oil remains bullish and longer dated contracts are more resilient, with oil markets finding support from yesterday’s explosion at the port in Beirut.||The overall energy complex is bullish this morning and power prices display additional gains. Cooling demand is set to rise over the next week due to warmer temperatures, while an expected drop in wind generation has pushed the Day-Ahead contract higher.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display a slight increase as the US claim an economic stimulus package is close to being agreed. Markets were also impacted by yesterday’s explosion in Lebanon which will affect shipping in the country.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas moved down, while commercial electricity increased, closing at 31.39ppt and £43.20/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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