|Market Close||Market Close|
|Oil prices decreased yesterday which transferred to some contracts on the gas market, with a milder weather forecast also a bearish factor. Meanwhile, cold weather resulted in a rise in demand levels which sat 18% above the seasonal norm, while outages at gas facilities in Norway were ongoing, helping to lift the prompt.||Fundamentals were little changed from Monday and movement on the curve was minimal. Temperatures were expected to turn milder later in the week which should reduce consumption levels, although wind generation is forecast to remain low. A drop in gas and oil contracts provided additional downward pressure on the far-curve in the afternoon.|
|Market Open||Market Open|
|Norwegian flows into Europe have weakened again this morning due to outages, although imports via the Langeled pipeline have improved slightly. Meanwhile, demand levels are set to decrease over the coming days due to milder temperatures, restricting downward movement on the prompt.||The Day-Ahead power contract has added to its price this morning as temperatures in the UK remain cold and wind generation has weakened. However, Front-Month and Q1-17 recorded a loss due to decreases on the gas market and shift in the spark spread. Some contracts further along the curve were also pressured down by a drop in APi2 coal.|
Brent 1st-nearby prices display a loss this morning on the back of contrasting comments made in Russia yesterday in regards to the freezing production. The Chief Executive of Rosneft questioned the need to reduce output, while President Poutine had a more favourable view.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas moved higher, while commercial electricity recorded a loss - closing at 44.35ppt and £45.25/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
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