|Market Close||Market Close|
|Day-Ahead gas displayed a rise towards the end of yesterday's session as the system fell short following a decline in Norwegian supply. A colder weather forecast for today and the weekend also provided support, with a rise in demand levels expected. However, falling Brent and the return of milder weather next week helped contracts move down further along the curve.||Further upward movement can be seen across the gas curve this morning as residential demand is 18% higher than yesterday. Despite a slight uptick in temperatures next week, cold weather is expected to hit the UK at the end of month, providing further support. In terms of supply, current levels are healthy and the gas system is oversupplied which has helped to restrict some of the gains on the near-curve.|
|Market Open||Market Open|
|The power curve displayed numerous losses yesterday with a strong wind generation forecast helping to weigh on the prompt. Despite a cold stint over the weekend, temperatures remain above the seasonal norm and consumption levels are below average; leading to further downward movement across the near-curve. Meanwhile, far-curve prices followed the movement of their bearish gas counterparts and weaker oil.||Power prices have followed the movement of rising gas today with increased consumption levels the main market driver. Outages at a major coal-fired plant in Scotland and a gas-fired power station in Bedfordshire has also assisted the bulls, ignoring healthy wind levels.|
Brent 1st-nearby prices posted another loss of over $1/b and have fallen below $45/b as global demand fears and concerns regarding the Asian economy continue to drive the market.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 35.88ppt and £38.58/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