|Market Close||Market Close|
|A downward revision in temperatures for next week and a drop in supply helped near-curve contracts move higher in the morning. Unplanned outages resulted in weaker UKCS production, while Russian flows into Europe also decreased. However, a significant drop in coal prices helped to pressure down contracts later in the session, erasing the morning’s gains.||An expected drop in temperatures next week offered support to the front of the power curve on Tuesday, although an improved wind outlook restricted downward movement on the prompt. Further out, contracts displayed losses in the afternoon following strong decreases on the coal market.|
|Market Open||Market Open|
|Coal prices continue to move down this morning, resulting in further losses on the gas curve. Temperatures have also been revised higher for next week and gas demand is set to fall in the coming days with the help of improved wind generation. Meanwhile, the UK gas system has opened long and remains in export mode to Belgium. In terms of supply, UKCS production is set to rise later today and Russian flows have improved.||Power contracts have been pressured down by weaker coal and gas this morning, with a drop in oil prices also a contributing factor. Wind levels are expected to ramp up in the next few days and should be close to the seasonal norm over the weekend, helping towards losses on the prompt.|
Brent 1st-nearby prices climbed above $56.6/b yesterday but dropped overnight to trade at $55.5/b this morning. Recent statements made by OPEC officials, as well as on-going problems in Libya offered support to the market yesterday but the latest API figures and a rise in the Dollar have helped the bears take control.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 44.32ppt and £44.33/MWh, respectively.
Today’s prices can also be found in an easy to read table on or ‘current UK energy price' page.
Click graph to enlarge
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