|Market Close||Market Close|
|Gas prices moved higher yesterday morning on the back of a colder weather forecast for next week which will lead to a rise in demand. However, a fall in oil prices provided downward pressure on the curve, erasing the session's early gains. The British Pound also strengthened against the Euro which weighed on contracts further.||Overall movement on the power curve was bullish on Tuesday due to an expected drop in temperatures; Front-Month climbed £0.50/MWh higher as a result of this higher demand forecast. Wind generation is also showing a decline, with another drop in production expected tomorrow; supporting the prompt.|
|Market Open||Market Open|
|Near-curve gas prices have displayed gains this morning due to the expected rise in demand over the next week or so. On the supply side, UKCS production has decreased, while Langeled flows are also down, potentially creating further upward pressure. Further along the curve, a drop in Brent has helped to limit some of the bullish movement.||Power contracts continue to track the movement of their gas counterparts this morning, with gains observed across the curve. Despite a colder weather forecast for next week, temperatures are currently mild and below average residential demand has helped Day-Ahead to record a loss.|
Brent 1st-nearby prices have fallen below $35.7/b this morning as supply concerns have come to the forefront once again, with additional support from tensions in the Middle East.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 33.64ppt and £36.85/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