|Market Close||Market Close|
|A lower demand forecast for the next few days helped to weigh on near-curve gas contracts yesterday. Contracts were unaffected by a drop in LNG send-outs which resulted in a short UK gas system, with higher Norwegian and Dutch flows improving the short term supply outlook. Movement further along the curve was generally mixed with direction coming from volatility on the oil and currency markets.||Power contracts on the near-curve were influenced by a milder weather forecast for the next few days and closed the session at a discount. Wind levels were low on Thursday with no improvement expected today which restricted the losses on the prompt, while stronger coal led to some gains further out.|
|Market open||Market Open|
|The UK gas system has opened long this morning as demand levels are lower today and are expected to remain low over the weekend due to milder weather; contributing to losses on the prompt. However, colder weather is set to return at the start of next week, all be it temporarily which has limited some of the downward movement on the near-curve.||A weak wind generation for the weekend and an expected rise in demand at the start of next week has helped Day-Ahead power add to its price this morning. Temperatures for the second half of March are forecast to be above average which has limited some gains on the curve, while Brent is stable and is not supportive as it has been in previous sessions.|
Brent 1st-nearby prices have shown little change this morning and trade just above $40.6/b as the ECB announcement created mixed sentiment, with suggestions elsewhere that a potential freeze deal between oil producers is unlikely.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas increased, while commercial electricity was unchanged - closing at 29.77ppt 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