|Market Close||Market Close|
|Gas prices moved higher on Friday following a rebound in oil prices, with further support coming from the cold weather forecast. Below average temperatures lifted demand levels further and the UK gas system fell short as a result, with little change expected over the weekend which led to a gain for the prompt.||Most power prices moved higher during Friday's session with upward pressure coming from rising gas and oil. Cold temperatures were forecast for the weekend but an expected rise in wind generation for today helped the prompt shed from its price.|
|Market Open||Market Open|
|The UK gas system remains undersupplied this morning as demand levels are expected to reach 15% above the seasonal norm and UKCS production is reduced. Contracts across the near curve have opened at a premium on the back of this weak supply picture, while rising oil contributed to upward movement further out.||Day-Ahead power decreased this morning as wind generation is set to rise by around 2.5GW tomorrow, ignoring stronger demand. The rest of the curve was largely dictated by an increase in gas contracts, while Brent has also displayed another gain.|
Brent 1st-nearby prices have recorded further gains over the weekend with some market optimism in regards to potential OPEC production cuts, following comments by the UAE energy minister; Brent currently trades just above $33/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 30.39ppt and £34.53/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