| Gas | Power |
| Market Close | Market Close |
| A milder weather forecast for today and an improved power supply outlook helped to pressure down gas contracts yesterday. Outages in Norway continued to restrict exports to Europe but this failed to provide much support to the curve. Further out, contracts were pressured down by weaker power and coal, while oil was stable. | A stronger wind generation forecast for today and an expected rise in temperatures helped the prompt shed from its price yesterday, with the losses filtering through to the rest of the curve. Fuel prices were also bearish factors with Brent showing little change following significant gains last week. |
| Market Open | Market Open |
| Gas contracts have posted further losses this morning as temperatures have been revised higher once again and stronger wind levels should reduce the UK's reliance on CCGT generation. Temperatures could rise by as much as 5 °C tomorrow in some parts of Europe, with additional bearish pressure also provided by a stronger Pound. | Power contracts have moved down this morning as overall fundamentals remain bearish. Weakening gas contracts and a milder weather forecast for this week continue to apply downward pressure at the front of the curve, while falling APi2 coal has weighed on prices further out. Elsewhere, a number of French nuclear reactors are expected to be made available today, with up to 7 expected to return online by the end of December. |
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Brent Summary Brent 1st-nearby prices display a small loss this morning and currently trade just above $54.6/b. The market is still receiving support from last week's OPEC meeting when an agreement was reached to support the market, however, the implementation of production cuts is not expected to be straight forward. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 43.38ppt and £44.12/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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