|Market Close||Market Close|
|Gas prices moved down yesterday afternoon as Norwegian flows into the UK recovered following a weak opening which supported near-curve contracts early in the session. Higher exports to Belgium also contributed to an undersupplied gas system but an improvement in supply levels helped it move closer to balance before the end of the session. Meanwhile, a drop in oil prices helped to weigh on prices further along the curve, erasing the morning's gains.||Power contracts recorded small losses on Thursday with direction coming from weakening gas and coal markets. The Pound also strengthened against the Euro which applied additional bearish pressure further along the curve, with a decrease in oil also a factor.|
|Market Open||Market Open|
|Gas prices continue to move down this morning as Langeled flows have increased further, rising to 50mcm, compared to 15mcm yesterday. Exports to Belgium are also 10mcm lower although residential demand has ramped up slightly due to slightly cooler temperatures.||Contracts on the power curve continue to decrease this morning with the overall outlook generally unchanged from yesterday. Most contracts are dictated by their falling gas counterparts, although a stronger demand forecast for the weekend has limited the losses on the near-curve.|
Brent 1st-nearby prices remain quite bullish and have edged closer to $48/b this morning. However, Canadian supply is close to returning to normal and the recent IEA report shows an increase in Crude oil output, which could force prices down next week.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 35.10ppt and £37.85/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