|Market Close||Market Close|
|Prompt gas prices moved higher on Friday afternoon as Norwegian supply levels decreased, with weaker demand levels doing little to restrict the gains. Norwegian imports via the Langeled pipeline fell to 12mcm, while flows at the St Fergus terminal halted, resulting in a short gas system. Further along the curve the majority of contracts moved down as oil prices decreased.||Power prices inched higher on Friday as overall fundamentals were bearish despite a weaker demand outlook. Near-curve contracts added to their price as temperatures are expected to turn cooler later in the month, while a weaker Pound offered support further along the curve.|
|Market Open||Market Open|
|A rise in oil prices has supported gas contracts across the curve this morning with a downward revision in weather forecasts for later this month also contributing to the gains. Norwegian flows are comfortable this morning following a significant drop on Friday and the UK gas system is close to balance with the help of continued warm weather.||Power contracts followed the movement of gas this morning and price increases can be observed across the curve. Weak consumption and healthy renewable generation has helped to limit the gains on the near-curve, while a rise in Brent and coal contracts has supported the bulls on the far-curve.|
Brent 1st-nearby prices have increased by more than $1 over the weekend as the Canadian wildfire continues to impact production, with further supporting coming from changes to the energy sector in Saudi Arabia.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 35.70ppt and £38.03/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