|Market Close||Market Close|
|Most gas contracts decreased yesterday afternoon as supply levels were comfortable and slightly milder temperatures led to a drop in demand. LNG send-outs increased from 38mcm to 66mcm with two deliveries expected to arrive in the UK this week, resulting in an oversupplied system. A rise in oil prices helped to support some contracts further along the curve but overall sentiment remained bearish.||Near-curve power contracts displayed gains at the start of Wednesday's session but decreased in the afternoon on the back of a weaker gas market and a stronger Pound. Higher oil prices contributed to gains further along the curve but the increases were minimal as overall fundamentals were healthy.|
|Market Open||Market Open|
|A drop in LNG send-outs has led to a short UK gas system with a rise in gas-fired power generation also a factor following a decrease in wind production; resulting in small gains on the near-curve. Residential demand in the UK is expected to be lower over the coming days as temperatures are forecast to be milder, helping to restrict the upward movement. Elsewhere, Brent prices are rather stable and today's ECB meeting could help the Pound strengthen against the Euro further.||A weaker demand forecast and stable, although low renewable generation has helped the prompt shed from its price this morning but the rest of the near-curve has followed its gas counterparts and displays small gains. A rise in coal prices has provided additional support on the far-curve but Brent displays little change following an increase yesterday afternoon.|
Brent 1st-nearby prices have posted gains this morning and currently trade just below $41/b as the US Dollar has strengthened against the Euro and traders remain positive in regards to production cuts.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity moved higher - closing at 29.69ppt and £34.53/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