| Gas | Power |
| Market Close | Market Close |
| Gas contracts stabilised on Wednesday as improved Norwegian flows offset the effects of a higher demand forecast, while storage withdrawals at Rough also resumed ahead of schedule. However, the back of the curve found support from a strong rise in coal prices due to worker strikes in Australia. | Healthy wind generation limited upward movement on the prompt during yesterday’s session and little support was provided by the gas market. A sharp rise in oil prices was the culprit behind a late rally, with a bullish coal market also contributing to any increases. |
| Market Open | Market Open |
| The French nuclear situation continues to support both power and gas markets this morning, with the prospects of higher demand levels over the next few days also a factor. The gains were slightly limited by the scheduled delivery of several LNG cargoes in North West Europe but UK exports to Ireland remain high as the Corrib gas field is still offline due to maintenance. | Power prices have moved higher with direction coming from planned shutdowns at nuclear facilities in France. The weather forecast for the next two weeks has been revised upwards with mild temperatures and comfortable wind levels expected. A weakening Pound has provided additional support to the curve, while oil prices have stabilised following yesterday’s gains. |
For a breakdown of the current generation mix visit our Power Generation Insights page.
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Brent Summary Brent 1st-nearby prices have rebounded on the back of comments made by the Russian Energy Minister in regards to extending the OPEC deal to the end of 2018. The latest EIA report also revealed unexpectedly supportive figures, displaying a drop in crude stocks; Brent now trades back above $56.2/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 45.85ppt and £45.19/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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