|Market Close||Market Close|
|Gas prices moved down on Monday as weaker oil prices and an improved supply/ demand outlook provided bearish pressure. Norwegian imports displayed a small increase as the return of the Kollsnes facility was offset by an outage at the Gulfaks field. The UK gas system was oversupplied throughout the session as wind generation reduced the need for gas-fired power generation.||An expected drop in renewable production helped the prompt add to its price at the end of Monday's session. A colder weather forecast for the coming days has also assisted some other contracts on the near-curve in rallying higher. Elsewhere, weaker coal and oil prices helped to limit some of the upward movement on the far-curve.|
|Market Open||Market Open|
|Gas demand is expected to rise today due to reduced wind levels and colder temperatures, offering support to the prompt. Norwegian imports and UKCS flows via the St Fergus terminal were also lower; this contributed to an undersupplied system at the start of the session. Meanwhile, a rise in Brent has also resulted in gains on the far-curve.||Power contracts display mixed movement this morning as a drop in wind power has led to a rise in more expensive gas-fired generation, while demand levels are also higher due to colder weather. In other markets, coal and Brent prices moved in opposite directions, with APi2 prices recording a loss.|
Brent 1st-nearby prices have rebounded slightly this morning to trade at around $46.5/b on the back of disruptions at two Iraqi oil terminals following a pipeline leak.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 42.30ppt and £43.74/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