|Rising Brent supported contracts further along the curve yesterday, although a comfortable supply/ demand outlook for the coming week helped to limit upward movement on prompt prices. Outages at Norwegian facilities limited imports into the UK which fuelled the bullish sentiment but the changes were minimal after strong gains in the morning.
|Power contracts were generally stable yesterday with numerous contracts ending the session unchanged. The rising gas and oil markets helped some contracts to rally higher but overall movement was restricted by a mild weather outlook and comfortable generation levels.
|Losses can be observed across the gas curve this morning following an announcement that storage withdrawals from the Rough storage facility will resume. Warm weather also remains a strong market driver with a rise of over 5 ° expected this weekend; weighing on demand. Further along the curve, a drop in oil prices has provided additional bearish pressure.
|The power curve displays mixed movement this morning, with small changes in both directions. Weaker gas has helped towards some losses on the near curve, while a stronger Pound has helped to weigh on some contracts further out, although there is no clear market driver at present.
Brent 1st-nearby prices have decreased this morning as the market has corrected downwards following bullish movement in previous sessions caused by supply disruptions in Canada and tensions in Libya.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 34.85ppt and £37.38/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