| Gas | Power |
| Market Close | Market Close |
| Movement on the gas curve was largely bullish on Tuesday, erasing the strong losses displayed on the prompt in the previous session. Norwegian imports into the UK fell by 25mcm which offered support to the near-curve, with a colder weather forecast for next week also a factor. Further out, contracts continued to be pushed higher by rising Brent and a weaker Pound. | Prompt power prices moved down yesterday with wind generation expected to rise today, although colder weather is expected later in the month which limited some of the losses. Meanwhile, increases on the gas, coal and oil markets provided additional support further out. |
| Market Open | Market Open |
| Upward movement continues this morning with below average temperatures expected over the next two weeks. Norwegian flows are also 40mcm lower than the start of Tuesday's session which has tightened the UK gas system. Further out, a strengthening oil market continues to act as the main market driver. | Gains can be seen across the power curve this morning as rising gas and a colder weather outlook has supported prompt prices. A strong wind generation forecast for the coming days was largely ignored, with the prompt displaying a strong increase. Meanwhile, contracts further along the curve have been influenced by bullish gas and coal. |
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Brent Summary Brent 1st-nearby prices displayed some bearish signals yesterday on the back of doubts regarding the OPEC deal but prices moved higher later in the session following the release of the latest API data. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 44.35ppt and £44.88/MWh, respectively. Today's prices can also be found in an easy to read table on our 'current UK energy price' page. |
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