|Market Close||Market Close|
|The bullish oil market continued to push gas contracts higher on Tuesday, with the stronger upward movement observed further along the curve. The UK gas system was long for the majority of the session which helped the prompt contract close at a discount; stronger flows from Norway were the main factor behind the well-supplied system.||Power contracts inched higher on Tuesday with rising gas and oil markets continuing to support the curve. Temperatures were forecast to decrease over the coming days, while low wind generation helped the prompt add to its price.|
|Market Open||Market Open|
|Far-curve gas contracts continue to move higher as Brent has recorded another increase in price this morning. Meanwhile, temperatures have dropped to around the seasonal norm but stronger Norwegian flows and storage withdrawals have resulted in a long system, weighing on the Day-Ahead contract.||Power contracts on the near-curve display small losses this morning and are dictated by lower prompt gas contracts. However, the bearish movement did not transfer to the rest of the curve which continues to be supported by rising oil and coal contracts. Elsewhere, wind generation remains low and temperatures are slightly cooler than previous sessions.|
Brent 1st-nearby prices have posted further gains this morning and currently sit at around $51.5/b with fundamentals generally unchanged, although recent API figures have added to the bullish pressure.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 39.10ppt and £40.21/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