|Market Close||Market Close|
|Maintenance in Norway continued to restrict flows in to the UK but above average temperatures and strong LNG supply resulted in a long gas system, contributing to losses across the near-curve. However, the downward movement was restricted by a halt in BBL flows and an increase in gas-fired power generation, while stronger oil and coal supported the far-curve.||Weaker gas and temperatures above the seasonal norm weighed on near-curve power contracts yesterday, following a bullish opening. Meanwhile, a rise in Brent offered support to the far-curve, with additional upward pressure coming from a colder, long-term weather forecast|
|Market Open||Market Open|
|The UK gas system opened 21mcm long this morning, despite higher storage injections and reduced Langeled flows; this oversupply led to price-drops across the curve. A milder weather forecast also assisted the bears, while a drop in power demand offset weaker LNG send-outs.||Near-curve power contracts have climbed higher this morning as numerous outages at power plants have resulted in a 'Notification of Inadequate system Margin' from the National Grid; resulting in an additional 500MW of generation being brought online. The prompt is the exception to the upward movement as wind generation is expected to reach 4.5GW tomorrow, while solar power is also on the rise.|
Brent 1st-nearby prices have erased yesterday's gains and are back around $48/b with direction coming from a leaked OPEC data which revealed a weak demand outlook.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity displayed a small gain - closing at 37.70ppt and £40.13/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