|Market Close||Market Close|
|Gas prices moved higher yesterday afternoon following a rise in oil prices, recovering from the morning's losses. The Pound also weakened further against the Euro which offered additional support to the near-curve. Overall fundamentals were generally unchanged from the previous session with strong exports being offset by healthy LNG send-outs.||A late rally in Brent and coal contracts resulted in upward movement on the power curve before yesterday's close. Fundamentals were rather bearish but this failed to provide much direction for contracts which instead followed the movement of gas and fuel markets.|
|Market Open||Market Open|
|The Gulfaks gas field in Norway has suffered an unplanned outage which has reduced imports into the UK this morning and contributed to gains on the near-curve; imports have fallen to 256mcm, compared to 282mcm on Monday. Meanwhile, a jump in coal and oil prices has resulted in bullish movement on the far-curve.||The majority of power contracts have followed their gas counterparts and increased this morning, with the falling Pound Sterling also a supportive factor. The prompt was one of the few contracts to record a loss this morning with strong wind generation expected to continue and warmer weather expected at the weekend.|
Brent 1st-nearby prices have rebounded this morning, adding over $1/b to their price to climb back above $49/b. Support came from the API stocks forecast with a drop of 6.7Mb expected to be confirmed in this afternoon's EIA report.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 43.37ppt and £44.58/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