|Gas prices decreased on Monday despite on-going maintenance at facilities which led to a decrease in flows in the UK. However, the overall supply/ demand outlook was rather comfortable which helped near-curve contracts move down, although losses further out were restricted by rising Brent.
|The majority of power contracts shed from their price yesterday with direction coming from weaker gas and coal markets. Renewable generation was healthy which helped to pressure down the near-curve, while a jump in Brent limited some of the losses on the far-curve.
|The UK gas system has opened 8mcm long this morning which has applied further downward pressure to the Day-Ahead contract. However, changes on the rest of the curve are mixed with an increase in oil prices offering support to some far-curve contracts.
|Wind generation is expected to decrease tomorrow which has resulted in a strong gain for the prompt power contract this morning. Further along the curve, some seasonal contracts mirrored the upward movement of their gas counterparts but the overall movement was generally bearish.
Brent 1st-nearby prices trade close to $45.4/b this morning with support coming from a potential freeze on OPEC oil output, with the bullish sentiment expected to continue over the next few sessions.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased slightly - closing at 40.18ppt and £42.23/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