|Market Close||Market Close|
|Gas prices moved higher yesterday morning due to colder temperatures which led to a significant rise in demand levels. However, prices came down slightly in the afternoon as milder weather is set to return to the UK towards the end of next week. Further along the curve, any upward movement was limited due to the falling oil market.||Day-Ahead power displayed a loss yesterday following an increase in nuclear capacity in the UK as units returned online following outages; stronger wind generation also contributed to the loss. Further along the curve, contracts were supported by stronger gas contracts with cold weather expected over the next few days.|
|Market Open||Market Open|
|The return of above average temperatures next week has helped to weigh on near-curve prices this morning. The UK gas system is also oversupplied as storage withdrawals remain strong and Norwegian imports have ramped up, providing further bearish pressure to the near-curve, while weaker Brent continues to pressure down the far-curve.||Power prices display losses this morning and have followed the movement of falling gas with an improved weather forecast for next week the main market driver. European renewable generation is also set to strengthen which has helped the prompt open at a discount; solar power on the continent is expected to rise to over 60GW tomorrow.|
Brent 1st-nearby prices fell below $30/b yesterday to set a new 12-year low, rebounding slightly to 30.2/b this morning. Global supply still outweighs demand and a potential influx of Iranian oil has weakened the market further.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity posted a small loss - closing at 31.48ppt and £35.30/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