|Market Close||Market Close|
|Gas prices moved slightly higher by the end of yesterday's session as the supply picture was less stable in the afternoon despite weak residential demand. The Euro also strengthened against the Pound which provided bullish pressure further along the curve and offset another drop in oil prices. However, the prompt displayed another loss as mild temperatures are set to continue in the UK.||A mild weather forecast helped front-month contracts move down on Tuesday although the prompt recorded a small increase as temperatures were expected to be slightly cooler today, resulting in a rise in consumption. Meanwhile, far-curve contracts were stable as a weaker gas market restricted any upward movement.|
|Market Open||Market Open|
|Gas contracts have decreased this morning on the back of an oversupplied gas system, although UKCS flows via the Bacton Seal terminal have dropped to zero which could offer some support this afternoon. Temperatures have been revised even higher for this month which should continue to reduce residential demand and oil prices have weakened once again.||Wind generation continues to rise steadily and is expected to peak at around 5.5GW today which has led to losses across the near-curve, with further downward pressure coming from above average temperatures. Bearish oil and coal prices have also pressured down power contracts further along the curve.|
Brent 1st-nearby prices are generally stable this morning, decreasing by around $0.20/b to trade above $40.7/b; Friday's OPEC meeting continues to have a bearish effect on the market.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 36.35ppt and £38.80/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