|Market Close||Market Close|
|The UK gas system was long throughout yesterday's session which helped to weigh on near-curve gas prices. The Day-Ahead contract fell to its lowest price in 10 weeks as strong wind generation reduced the nation's need for gas-fired power generation. Further out, an increase in Brent in the afternoon helped to support some contracts with the help of a weakening Pound Sterling.||Healthy wind generation and a weakening gas market helped to pressure down contracts on the near-curve on Thursday. Falling APi2 coal helped to weigh on prices further along the curve but some of these losses were erased in the afternoon by a rebound in oil.|
|Market Open||Market Open|
|Bullish sentiment on the oil market has supported contracts on the far gas curve this morning; a strengthening Dollar is also a supportive factor. Weekend temperatures are forecast to be around the seasonal norm which has had little impact on the near-curve and most contracts display a small increase.||Power contracts have climbed higher this morning with direction coming from stronger gas and oil. Wind levels remain healthy but this wasn't enough to stop the Day-Ahead contract adding to its price, while a warmer weather forecast for next week should also result in higher residential demand, supporting the rest of the near-curve.|
Brent 1st-nearby prices rebounded during yesterday's session but have recorded another loss overnight to trade just below $43.5/b this morning. The strong bearish pressure provided by the recent IEA report was quashed somewhat as the Saudi Oil Minister claimed the rise in the nation's oil production was in line with healthy demand levels.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 40.55ppt and £42.65/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