|Market Close||Market Close|
|Gains could be observed across the gas curve yesterday with strong support provided by increases on the oil and coal markets. The UK gas system was also undersupplied, while the Bergermeer storage site was closed in Holland due to technical problems. Meanwhile, temperatures are also set to turn slightly colder over the coming days which will push demand levels higher.||The overall sentiment on the power market was bullish yesterday with rising fuel prices and weaker wind generation offering support to prices at the front of the curve. Further out, prices were pushed higher by an increase in oil contracts due to optimism in regards to global production cuts.|
|Market Open||Market Open|
|Residential demand is lower this morning and losses can be seen at the front of the curve as a result. Meanwhile, a rise in UKCS production and a 50% reduction in exports to Belgium has helped towards a balanced gas system. Norwegian supply is much more comfortable compared to last week despite the outage at Troll, although the length of the outage at Bergermeer in Holland is unknown.||Changes on the power curve are mixed this morning but mainly bearish, with downward movement on gas and oil markets helping to weigh on the majority of contracts. In other news, EDF have reiterated that seven nuclear reactors will return online before the end of the month, while only 4 of the firm's 58 units will be shut down for the safety reason in January; further weighing on the near-curve.|
Brent 1st-nearby prices have moved down this morning, although the bearish movement appears to be down to a market correction rather than a change in fundamentals; Brent currently trades just above $55.6/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 43.70ppt and £44.00/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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