| Gas | Power |
| Market Close | Market Close |
| High residential demand and an unplanned outage in Norway supported gas contracts on the near-curve yesterday morning. However, a decision by the Dutch government not to change production levels at the Groningen facility resulted in losses across the curve in the afternoon; although production levels will be reviewed again next month. | Power contracts tracked the movement of gas yesterday afternoon and posted losses, erasing most of the morning's gains. Any bearish movement on the prompt was limited due to a low wind generation forecast, while temperatures are also set to turn colder in the second half of January. |
| Market Open | Market Open |
| A milder weather forecast for next week and an oversupplied system has helped prompt gas prices move down this morning but the bearish sentiment could be short-lived. A new outage at the Rough storage facility could provide support later in the session, while a rise in oil and coal prices will also restrict any downward movement. | Power prices have increased this morning with support coming from rising gas and oil and an expected drop in temperatures later in the month. Despite this bullish outlook, next week should see mild weather and improved wind generation which has helped the prompt record a loss. |
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Brent Summary Brent 1st-nearby prices have climbed higher and now trade at $57/b with a mixed EIA stock report failing to provide much pressure in either direction. Instead, prices were dictated by the announcement that Saudi Arabia and the UAE have made genuine efforts to cut production levels. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 47.37ppt and £47.60/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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