| Gas | Power |
| Market Close | Market Close |
| Gas prices strengthened yesterday due to a cold weather forecast for the second half of January. The UK gas system was oversupplied throughout the session but this did little to limit the gains at the front of the curve as the Pound weakened on the back of comments made by Theresa May in regards to a 'hard Brexit'. | Movement on the power curve was similar to gas in the afternoon with news regarding 'Brexit' and a higher demand forecast the main market drivers. A mild temperature forecast for today helped to restrict gains on the prompt but wind generation is expected to fall over the coming days. |
| Market Open | Market Open |
| Another downward revision in next week's weather forecast continues to support gas prices this morning, with a weak Pound also a supportive factor. Falling Brent has helped to limit the bullish movement further along the curve but a rebound in coal prices is expected which will impact gas contracts. | Power contracts have added to their price this morning with rising gas, a cold weather forecast and a weak Pound offering support to the curve. A bullish outlook for APi2 coal, low wind generation and a drop in French nuclear availability are also factors which are applying upward pressure to the UK power market. |
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Brent Summary Brent 1st-nearby prices recorded strong losses yesterday and trade just above $55.1/b this morning, close to levels seen in the middle of December. Prices have been pressured down as doubts have arose in regards to the impact of the proposed production cuts, with some nation's commitment to the deal in question. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 48.93ppt and £48.22/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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