| Gas | Power |
| Market Close | Market Close |
| A drop in Norwegian imports into the UK helped to support gas contracts yesterday afternoon, ignoring an oversupplied system. Temperatures were also set to turn cooler later in the week which will lift demand levels, while weaker wind should lead to a rise in gas-fired power generation. | Power contracts moved up across the curve on Tuesday with warmer weather increasing demand for cooling and weak wind generation tightening the system. The Day-Ahead contract remained well above $50/b with a weaker Pound also offering support. The rest of the curve tracked the movement of rising gas, with an increase in APi2 coal also a factor. |
| Market Open | Market Open |
| Norwegian exports to the continent are lower this morning which has helped to support contracts, with a cooler weather forecast and weaker wind levels still a factor. The outlook for today remains bullish although falling Brent has restricted some of the upward movement on the far-curve. | Day-Ahead power has recorded an increase of over 200% this morning with low wind levels and strong demand severely impacting the system. Gas-fired power generation accounts for 45% of the power mix this morning, with APi2 coal also displaying a significant increase. |
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Brent Summary Brent 1st-nearby prices have moved down this morning on the back of pessimism in regards to stabilising the market following yesterday's IEA report which showed a decline in demand levels. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 37.35ppt and £42.72/MWh, respectively. Today's prices can also be found in an easy to read table on our 'current UK energy price' page. |
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