|Market Close||Market Close|
|Gas demand continues to rise in the UK as temperatures remain below average, resulting in gains along the near curve; lower wind generation also contributed to this rise in gas demand. Meanwhile, the pound once again weakened against the Euro which provided support to far-curve contracts.||Power contracts inched higher on Thursday due to stronger consumption and a rising gas market. Day-Ahead increased on the back of this strong demand outlook and ignored an expected rise in wind generation. However, upward movement on the far-curve was subdued due to weakening coal and oil.|
|Market Open||Market Open|
|Gas prices have opened at a premium this morning as strong demand and a rebound in oil dictated the market. Temperatures are expected to remain below average until the end of next week, although supply levels are generally comfortable, restricting some of the gains.||Wind levels are expected to double to around 4GW tomorrow which has helped to limit any increases on the prompt. The rest of the curve is bullish with contracts tracking the movement of stronger gas, coal and oil; planned outages at UK coal facilities also continue to offer support.|
Brent 1st-nearby prices fell below $30/b yesterday but have recovered this morning to trade above $31.1/b. The overall outlook remains weak but the restart of discussions between OPEC members in regards to production cuts provided some support.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 30.20ppt and £34.46/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