| Gas | Power |
| Market Close | Market Close |
| Gas prices moved down on Friday as mild weather over the weekend reduced demand levels, with consumption falling to 6% below the seasonal average in the UK. However, an unplanned outage in Norway led to a halt in Langeled flows in the afternoon which restricted some of the downward movement on the near-curve. Further out, most contracts followed the movement of the weakening oil market. | Most power contracts followed the movement of their gas counterparts on Friday and closed at a discount. The supply/ demand outlook remained comfortable and weaker Brent provided additional bearish pressure to far-curve contracts. However, a coal plant in the UK is set to undergo a planned outage next month and winter contracts were the exception to the downward trend as a result. |
| Market Open | Market Open |
| Numerous gains can be seen across the gas curve this morning as temperatures for this week have been revised down and demand levels are close to the seasonal norm. Wind production is also expected to decrease tomorrow which will lead to a rise in gas-fired generation, offering further support. Elsewhere, the LNG outlook remains healthy with five deliveries expected to land in the UK this month. | Wind generation in the UK is set to fall from 4.5GW to 3.3GW tomorrow which has offered support to the prompt. The rest of the curve has also inched higher due to a rise in demand and higher gas & oil contracts, although weaker coal has helped to limit some of the gains. |
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Brent Summary Brent 1st-nearby prices have displayed a small gain since Friday's open and trade just below $34.5/b. Meanwhile, discussions between the Venezuelan oil minister and Saudi Arabia have had very little effect on the market. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 30.70ppt and £35.30/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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