|Market Close||Market Close|
|A cold weather forecast for the rest of February helped gas contracts move higher on Friday, with a weak LNG outlook and low storage levels also fuelling the bullish sentiment. Meanwhile, Norwegian exports to mainland Europe decreased and there was little support provided by the coal and oil markets.||Day-Ahead power climbed higher on Friday due to a colder weather and low wind forecast for today, with support also coming from the gas market. The drop in temperatures and weaker renewable generation will increase the UK’s reliance on more expensive gas-fired generation, with the gains filtering through to the rest of the curve.|
|Market Open||Market Open|
|Below average temperatures have hit the UK this week but the forecast for later in the month has been revised higher, contributing to losses on the gas curve this morning. Norwegian supply has also improved, although an outage has limited flows via the UK’s St Fergus terminal.||The power curve displays similar movement to that of gas this morning, although the losses are less visible. Weaker coal prices helped to weigh on some contracts on the far-curve, while the prompt has found direction from an upward revision in temperatures.|
Brent 1st-nearby prices remain just below $57/b this morning, although the market is supported by on-going tension between the US and Iran, although a rising rig count in the US continues to restrict the upward movement.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 48.52ppt and £46.89/MWh, respectively.
Today’s prices can also be found in an easy to read table on or ‘current UK energy price' page.
Click graph to enlarge
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