|Market Close||Market Close|
|Healthy supply levels weighed on near-curve gas prices yesterday despite another rise in demand levels, while contracts further along the curve tracked the movement of weakening Brent. Norwegian flows continued to improve which offset a 10mcm rise in demand and led to an oversupplied system. The Day-Ahead contract was one of the few contracts not to display a loss and was influenced by the cold weather forecast.||Power contracts followed the movement of their gas counterparts on Wednesday and closed at a discount. A weaker wind generation forecast for today and cold temperatures resulted in a gain for the prompt in the morning but the contract moved down later in the session due to a stronger Pound and falling oil.|
|Market Open||Market Open|
|The UK gas system remains oversupplied this morning despite another increase in demand as supply levels are relatively unchanged. Temperatures are forecast to turn milder towards the end of next week and combined with the comfortable supply picture, prompt prices have decreased. An expected rise in wind over the weekend should also reduce the need for gas-fired generation, thus lowering demand.||Wind generation is set to rise by around 3.5GW tomorrow and over the weekend which has helped to weigh on Day-Ahead power this morning. The rest of the curve has also decreased with weaker gas, oil and coal contracts currently dictating the power market.|
Brent 1st-nearby prices showed very little movement yesterday afternoon and ended the session below $30.8/b; the market stabilised somewhat despite bearish reports in regards to US crude stocks.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 29.63ppt and £33.91/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