|Market Close||Market Close|
|An above average weather forecast and improved Norwegian supply helped to weigh on near-curve gas contracts yesterday. Prices further along the curve were largely dictated by falling oil prices which hit a 7-year low in the afternoon. UK temperatures are expected to be around 10 ° for the rest of the month, around 5 ° higher than the seasonal norm, resulting in lower residential demand.||Losses were displayed across the power curve on Thursday with the largest decreases displayed by seasonal and quarterly contracts. An upward revision in temperatures and ample supply levels have resulted in a comfortable outlook for December with oil prices also on the decline.|
|Market Open||Market Open|
|Norwegian flows have decreased by around 30mcm this morning as an outage occurred at the Kollsnes processing facility and the UK gas system opened 13mcm short as a result. However, this outage is expected to be resolved by tomorrow and any bullish movement on the curve should be short-lived.||Wind generation is expected to fall over the weekend which has strongly supported the prompt this morning. The rest of the curve is generally stable with a low consumption forecast for December and weaker fuel offsetting any bullish pressure.|
Brent 1st-nearby prices have fallen to their lowest level since early 2009 and currently trade around $39.5/b as a decline in US stocks was ignored and last Friday's OPEC decision continues to pressure down the market.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity was unchanged - closing at 35.80ppt and £38.53/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