|Market Close||Market Close|
|The gas curve displayed mixed movement on Friday as there was little change to fundamentals and the market volatility caused by Thursday's ECB meeting settled down. The UK gas system opened long which helped contracts on the near-curve shed from their price, while strong Brent resulted in some gains further out.||Temperatures were revised down for the remainder of March which led to some gains on the near-curve. The prompt in particular closed at a strong premium, with the bulls further assisted by an expected drop in wind generation. The rest of the curve posted small increases on the back of a rise in oil prices, with other contracts supported by their gas counterparts.|
|Market Open||Market Open|
|Gas demand is set to fall to 275mcm today compared to 312mcm last week, although a drop in LNG send-outs has resulted in a balanced gas system with just another two deliveries expected to arrive in the UK this month. Temperatures for the rest of the March are expected to be close to the seasonal norm which could offer some support but movement across the curve this morning is generally bearish.||A weaker generation picture on the continent has resulted in some gains on the near-curve this morning although the Day-Ahead contract has displayed a strong loss due to weaker demand levels, while wind levels are also expected to improve later in the week. Movement on the far-curve is minimal with Brent opening almost unchanged from Friday's trading price.|
Brent 1st-nearby prices have opened just below $40/b this morning after stabilising at the end of last week as the recent EIA and IEA reports did little to move the markets in either direction.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 29.52ppt and £34.50/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