|Market Close||Market Close|
|Norwegian flows are back to normal levels this week which led to balanced gas systems across Europe on Monday; resulting in losses across the near-curve. Meanwhile, oil prices continue to weaken, helping to pressure down contracts further along the curve.||Power contracts displayed mixed movement yesterday as near-curve prices moved down, while gains were evident further out. Far-curve contracts received support from a weaker Pound, despite a drop in coal and oil contracts, while prompt prices tracked their gas counterparts and recorded losses.|
|Market Open||Market Open|
|Norwegian imports have improved further this morning and have contributed to a long UK gas system, leading to more downward movement on prompt gas contracts. However, temperatures are below the seasonal average at present which has limited some of the losses. Sentiment further along the curve is generally unchanged with most contracts weakening on the back of falling Brent.||Demand levels have decreased this morning on the back of cooler temperatures, while wind generation has also ramped up, helping the prompt and near-curve contracts open at a discount. Further out, a weak Pound had restricted downward movement despite another drop in fuel contracts.|
Brent 1st-nearby prices have recorded further downward movement, falling to around $49.7/b this morning. The recent OPEC report offered very little support to prices and traders await the latest US oil inventories report.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 37.53ppt and £39.84/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