9th May 2017 | Posted by: Natalie Ormrod | Market Analysis

Gas Power
Market Close Market Close
European Gas prices weakened further yesterday, pressured by falling coal prices and a sharp upward revision in temperature forecasts. The UK system opened short due to lower Norwegian supply, but was balanced by a fall in exports and rising storage and LNG withdrawals. Day-ahead Power prices rebounded yesterday as wind generation fell and demand increased. Far curve prices declined, with the main bearish factor being coal prices.
Market Open Market Open
UK Gas prices have seen limited movement this morning. Temperatures are set to increase into next week, and LDZ consumption is set to drop. Langeled flows have reduced again, however the system remains fairly balanced. UK Power prices have tracked the NBP this morning, as wind levels continue to look low. The forecast higher temperatures for the weekend will see demand decline, while curve prices have pushed up slightly amid unplanned outages and issues at three efficient gas plants.

For a breakdown of the current generation mix visit our Power Generation Insights page.

Brent Summary

Oil prices have remained relatively static this morning, as increasing US inventories and the OPEC, Saudi and Russian agreement to extend production cuts is limiting movement in a bid to rebalance the overall market.

1-year forward prices

Market close data has revealed that the 1-year forward price for commercial gas has increased & commercial electricity remained the same – closing at 41.98ppt and £41.75/MWh, respectively.

Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page.

Click to enlarge graph

Energy Price Graph - 09-05-2017

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