|Market Close||Market Close|
|Movement on the gas curve was largely bearish on Tuesday, with near-curve contracts taking direction from the prospect of higher Norwegian supply. Norwegian imports are expected to rise tomorrow as the unplanned outage at the Asgard field should be resolved today. Further along the curve, prices were pressured down by a drop in coal and oil.||Power prices dropped off yesterday with improved gas supply and weaker oil two of the main contributing factors. An expected rise in wind generation helped to weigh on the prompt but levels over the remainder of the week are expected to vary.|
|Market Open||Market Open|
|The UK gas system was 14mcm short this morning following an outage at Bacton which reduced UKCS flows, resulting in gains across the near-curve. The upward movement filtered through to the back of the curve but the increases were limited by weaker oil. Temperatures are expected to remain below the seasonal norm over the next few days but are forecast to rise over the weekend, reducing heating demand.||Power prices display a similar trend to gas this morning and have recorded gains across the curve, with the exception of Q2-18. The renewable generation outlook remains unclear due to contrasting weather and has had little impact on prices. Meanwhile, the prompt found additional support from an outage at Hinkley Point B.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display a small decrease this morning and trade below $52.3/b. The impact of the OPEC meeting in Abu Dhabi is unknown and it failed to offer much support to market as traders look towards the release of today’s EIA report for direction.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 43.80ppt and £44.24/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
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