|Market Close||Market Close|
|Residential demand and gas-fired power generation in the UK was low yesterday, resulting in an oversupplied system and a decrease in prices. Oil prices also weakened and overall supply levels were comfortable as bearish movement was displayed throughout the session.||The UK gas system is 14mcm long this morning which has led to sizeable losses across the curve with further downward pressure coming from a mild weather forecast. Meanwhile, LNG send-outs have climbed from 8mcm to 42mcm with a delivery expected from Qatar on Friday.|
|Market Open||Market Open|
|Power contracts were largely dictated by weaker gas and Brent yesterday with further influence coming from above average temperatures. The prompt recorded a significant loss on the back of a high wind generation forecast and was the session's biggest mover.||Wind generation remains very healthy this morning and is expected to peak at around 5.4MW before falling to around 3MW tomorrow. Healthy renewables and falling gas have helped near-curve contracts move down, while losses on the far-curve are less prominent due to stronger coal prices.|
Brent 1st-nearby prices are rather stable at present and trade at around $47.3/b, prices remain low as US oil stocks are on the rise and Asia continues to report weak economic data.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 35.90ppt and £38.65/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