|Market Close||Market Close|
|Strong gains in the oil market pushed curve contracts higher on Friday, while gas demand increased further due to low wind output, also supporting NBP prices. Forecasts of mild weather weighed on prompt contracts.||Day-ahead prices firmed over the weekend which reflected a shortage of wind power generation and slightly lower forecast temperatures, which led to a rise in consumption. Power contracts tracked rising Gas and Oil markets, seeing gains displayed across the curve.|
|Market Open||Market Open|
|The system opened in under-supply this morning. An increase in LNG send-out and withdrawals during the session helped to balance the system, although low wind output should limit losses. Four LNG cargoes are expected to berth in the UK this month.||Near-curve contracts pushed downwards amid stronger wind generation, despite temperatures expected to fall below seasonal norms. Corresponding Gas and Oil prices continue to influence the power curve. The Doel-2 Belgian plant will be offline until 2nd July for planned maintenance.|
Prices moved above $41/b this morning, a level last seen Mid-March. This increase is a mix of tightening markets forecast and hope for a deal between Russia and OPEC producers on Sunday. Outages in the North Sea and West Africa, along with increasing demand, has also impacted on prices.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity also posted a decrease - closing at 31.15ppt and £34.43/MWh, respectively.
Click to enlarge graph