|Market Close||Market Close|
|Bullish movement was observed across the gas curve at the end of Monday's session as a rising oil market continues to drive prices higher. A short gas system due to maintenance in the UK and Norway also helped towards the gains on the near-curve, offsetting weak demand levels.||Contracts on the power curve were largely dictated by stronger gas, coal and oil prices, with weak demand doing little to limit the upward movement. The Day-Ahead contract added to its price on the back of weak wind generation, despite a warm weather forecast for today.|
|Market Open||Market Open|
|Gas prices posted further gains this morning with bullish sentiment coming from rising oil contracts. Temperatures are also set to turn slightly cooler by the end of the week which will lead to a slight uptick in demand; further contributing to the upward movement on the curve. Meanwhile, the UK gas system has opened long as Norwegian flows, LNG output and storage withdrawals are all higher.||Power contracts have followed movement on the gas curve and moved higher this morning, with rising oil a major factor. Wind generation remains weak which has helped the prompt open at a premium, with an expected drop in temperatures supporting other near-curve contracts.|
Brent 1st-nearby prices have edged above $51/b this morning as a weakening US Dollar and on-going concerns in Nigeria offered support to oil contracts; troubles in Nigeria have reduced output by around 500,000 barrels a day.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 38.27ppt and £40.00/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