| Gas | Power |
| Market Close | Market Close |
| Gas prices initially opened lower yesterday due to a low demand forecast for next week but a rise in coal and oil prices erased the morning's losses later in the session. Concerns regarding the proposed restart of the Rough storage facility also provided support to some contracts on the near-curve as nominations for withdrawal remained at zero. | Movement on the power curve was similar to gas yesterday with contracts moving lower at the start of the session before rebounding in the afternoon. A mild weather forecast helped to limit the losses at the front of the curve, although wind levels are expected to decline next week. |
| Market Open | Market Open |
| Further gains can be observed on the gas curve this morning as the supply picture remains rather weak as outages in Norway continue to restrict exports to Europe. Russian flows to the continent also remain low, while demand is expected to rise next week due to a slight drop in temperatures and weaker wind generation. | Temperatures are expected to remain mild over the next two weeks which has helped to weigh on near-curve power prices this morning. The rest of the curve is generally bullish, taking direction from increases on the gas and oil market. |
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Brent Summary Brent 1st-nearby prices have rebounded this morning and now trade back above $54.3/b. A planned meeting today between non-OPEC producers has provided bullish pressure, with support also coming from positive movement on financial markets following the latest ECB meeting. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 42.98ppt and £43.11/MWh, respectively. Today's prices can also be found in an easy to read table on our 'current UK energy price' page. |
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