|Market Close||Market Close|
|An improved outlook for demand and supply levels helped to pressure down prompt gas prices on Thursday. Norwegian imports ramped up following the return of Kollsnes and warmer weather reduced residential demand, resulting in an oversupplied system. However, contracts further out were bullish with support provided by a weak Pound and rising coal & oil markets.||An expected rise in wind levels today helped the prompt close at a discount yesterday, with a mild weather forecast also providing weight to the curve. The Euro continued to strengthen against the Pound and fuel markets increased, restricting bearish movement on the far-curve, while an announcement in regards to the severity of French nuclear outages looms.|
|Market Open||Market Open|
|Demand levels are expected to remain below the seasonal average over the weekend with no change to short term weather forecasts, limiting gains on the prompt. Strengthening coal and oil prices continue to provide upward pressure further along the curve, although the Pound has recovered against the Euro slightly.||The prompt has moved higher this morning as wind levels are set to fall over the weekend but a mild weather outlook and an expected rise in renewable generation next week resulted in losses on the rest of the near-curve. Meanwhile, rising coal and oil continued to support prices further along the curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent has rallied higher overnight with a decision in regards to the Iranian nuclear agreement expected to be revealed this evening. Recent oil figures provided mixed sentiment and the market is currently being dictated by the US/ Iranian situation with Trump expected to scrap the current deal.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 46.35ppt and £45.72/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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