|A healthy supply outlook for today helped to weigh on the prompt during Wednesday’s session, although the rest of the near-curve found support from an expected drop in temperatures towards the end of the month and the start of April. Further out, prices initially opened higher but moved down later in the session following a sharp drop in oil prices.
|The prompt moved down yesterday as wind generation was expected to double today, while the rest of the near-curve tracked the movement of gas and climbed higher. On the far-curve, a downward correction in oil prices contributed to losses, while the coal market stabilised.
|Day-Ahead gas is the only contract to move down this morning ahead of a mild weather forecast and comfortable supply outlook for tomorrow. The rest of the near-curve continues to take direction from the expected drop in temperatures next month, while upward movement on the far-curve has been limited by weaker Brent and coal.
|Wind levels are expected to drop tomorrow which has supported the prompt, while the rest of the near-curve has recorded gains on the back of a colder forecast for April. Oil prices have stabilised this morning, following a strong loss yesterday, while coal also displays a small decrease; although this has done little to restrict gains at the back of the curve.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent displays a strong loss this morning on the back of the latest EIA report which put to rest any bullish sentiment created earlier in the week as it was confirmed production levels in the US are continuing to rise.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 48.28ppt and £47.78/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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