|Market Close||Market Close|
|Gas prices moved down on Friday despite strong demand as temperatures for the second half of March were forecast to be mild, while supply levels also remained healthy. Higher imports from Norway and Holland resulted in a long gas UK system although an unplanned outage at the Rough storage facility limited some of the losses on the near-curve. Downward movement was also visible on the far-curve despite rising Brent, as contracts were influenced by the weaker demand outlook.||Near-curve power prices decreased on Friday and followed the movement of the gas market, helped by a milder weather forecast. An expected rise in wind generation over the weekend also helped the prompt shed from its price, while stronger oil and coal contracts helped far-curve contracts stabilise.|
|Market Open||Market Open|
|Temperatures for the end of the week have been revised higher once again this morning which has exerted downward pressure on the near gas curve. However, the UK gas system has opened short as demand is around 23% above the seasonal norm. Meanwhile, another increase in Brent has offered support to contracts further along the curve.||Another increase in Brent has helped to lift far-curve power contracts this morning but the front of the curve remains bearish due to an expected drop in demand later in the week. Wind generation has halved today but is expected to rise by 2.5GW tomorrow which has helped the prompt open at a discount.|
Brent 1st-nearby prices displayed a strong gain over the weekend and currently trade above $39/b, their highest price since the start of December 2015. Overall fundamentals remain bullish with stronger economic data from the US providing a further boost.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased slightly - closing at 30.00ppt and £34.50/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