Spot power prices opened at a premium this morning as news of the Greek deal being deliberated this morning provided support. Prices are expected to continue making gains throughout the day on the back of this.
NBP spot prices were supported by higher demand on Friday - this is expected to remain unchanged today as injection demand is still high. Gas prices continue to trade near the key resistance level meaning a technical drop in the short term is be expected.
Today's prices can also be found in an easy to read table on our 'current UK energy price' page.
How did the energy markets close?
The UK gas curve made further gains on Friday as higher storage injections and exports resulted in strong demand. Supply remains constricted from Norway as maintenance limits output by 51mcm. Further out on the curve the reduction in Brent Crude helped contracts shed some value on Friday.
The UK power curve rose on Friday, supported by the increase in natural gas NBP. Front month closed at £41.9/MWh - an 11 week high. Day-Ahead remained relatively flat on Friday as the impact of reduced power generation was levelled off by downward revisions in temperature.
How did the energy markets open?
Gas prices made minor gains this morning on the near curve as injection demand remains high. UK supply is expected to be enhanced by the Al Sheehaniya LNG vessel due to arrive at South Hook on Tuesday.
The UK power curve rose this morning, with Day-Ahead adding £1.75/MWh to its price as renewable production remains low, but temperatures have been revised higher than Friday's forecasts. Support is expected to continue throughout the day following the Greek deal.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas and commercial electricity has increased slightly - closing at 45.62ppt and £44.15/MWh, respectively. This can be seen in the graph below.
Note: Brent Crude prices are taken from opening market data, and do not represent the price as it changes throughout the day.
Latest Brent Crude Price
Brent Crude shed over a dollar from its price this morning as an agreement is expected to be made in order to keep Greece in the Eurozone. In light of this the trend is expected to remain bearish today with the situations in Iran and China also weighing down on oil prices.