| Gas | Power |
| Market Close | Market Close |
| Norwegian supply was reduced further yesterday which supported contracts on the near-curve, while rising oil continued to push far-curve prices higher. Gas demand is also expected to increase across Europe due to colder temperatures which provided further bullish pressure, as did another drop in the Pound. | A colder weather outlook outweighed the effects of an improved wind generation forecast yesterday and gains were observed across the near-curve, with additional upward pressure provided by a rise in oil contracts. Coal prices also displayed another increase, while the Pound weakened against the Euro, contributing to gains at the back of the curve. |
| Market Open | Market Open |
| Norwegian exports have increased significantly this morning, currently flowing at 325mcm compared to 260mcm yesterday. The UK gas system is oversupplied on the back of this improved supply picture which has contributed to losses on the near-curve despite increased demand. The weather forecast is also unchanged, while oil contracts have stabilised somewhat, keeping bullish movement to a minimum. | Power contracts continue to move higher this morning, helped by outages at nuclear power units in France which has resulted in some concerns in regards to energy security in the UK over the winter period. Strengthening fuel and a depreciating Pound continues to support prices on the far-curve. |
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Brent Summary Brent 1st-nearby prices currently trade at their highest levels since June following the release of the latest EIA report which showed a drop in crude oil stocks and a decline in production. 1-year forward prices Market close data has revealed that the 1-year forward price for commercial gas was unchanged, while commercial electricity increased - closing at 44.35ppt and £45.80/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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