|Market Close||Market Close|
|Gas prices inched higher on Friday with support provided by stronger coal and oil markets, as overall fundamentals were little changed. Supply levels were comfortable which capped gains at the front of the curve, although maintenance is scheduled in Norway this week which will provide bullish sentiment.||European power markets increased on Friday with UK prices climbing higher on the back of rising coal, gas and oil contracts. Improved wind levels were forecast for this week which limited upward movement on the prompt, while the end of hot weather reduced demand for cooling.|
|Market Open||Market Open|
|The system is close to balance this morning as Norwegian and Russian flows into Europe have decreased. Temperatures are forecast to be slightly above the seasonal norm over the next fortnight, while wind levels should be healthier than last week, limiting gains at the front of the curve. However, the trend across the gas curve is bullish due to rising fuel markets.||Fundamentals are almost unchanged from last week and coal and oil markets have calmed. Despite this, power prices have increased due to a stronger gas market, with planned maintenance reducing supply. Renewable levels are also weaker, helping the prompt climb higher.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display an increase from Friday and trade just above $72.8/b. The Turkish financial crisis has offered support but a rise in US oil rigs has provided resistance, although the situation in Iran remains a key market driver.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 60.86ppt and £59.83/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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