|Market Close||Market Close|
|The weather forecast for this coming week was revised higher on Friday which helped near-curve gas contracts shed from their price. However, residential demand rose to 218mcm which supported the prompt with further downward pressure coming from weaker Norwegian flows, following an outage.||Power prices displayed losses across the curve on Friday following an upward revision in temperatures for the start of this week. Day-Ahead was one of the exceptions to the bearish movement as a rise in demand and lower nuclear generation offered support; the prompt added almost $1.1/b to its price.|
|Market Open||Market Open|
|Temperatures are expected to fall well below the seasonal norm towards the end of the week which has provided support this morning. The prompt is one of the exceptions to the morning's upward movement though as the gas system has opened long. The British Pound has also strengthened against the Euro which restricted the gains on the far-curve.||Most power contracts have followed the movement of gas and posted gains this morning with the prompt one of the few contracts to decrease in value. Two power stations in the UK are currently offline but are expected to return on Wednesday but comfortable renewable generation has provided a timely boost to UK supply levels. In other news, weak gas prices has made gas-fired generation a more viable option than coal this winter, a significant shift when compared to previous years.|
Brent 1st-nearby prices continue to plummet and have dropped below $33/b this morning, close to levels last seen in 2004. The oil market remains bearish with no solution to global oversupply on the horizon, while the Chinese economy also remains weak.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 33.17ppt and £36.48/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