|Market Close||Market Close|
|Prompt gas prices climbed higher yesterday afternoon on the back of maintenance at the Gullfaks gas field in Norway which will start today. Upward movement was slightly restricted on the near-curve as an LNG delivery is expected to arrive at the Isle of Grain today. Meanwhile, weaker oil prices helped to weigh on some contracts further along the curve.||The power market was dictated by gas once again, with a weaker supply picture forecast for today resulting in strong upward movement in the afternoon. Cooler temperatures were expected over the weekend which should limit the need for air conditioning measures, while renewable production remains low.|
|Market Open||Market Open|
|Norwegian flows are weaker this morning due to maintenance which has offered support to gas contracts. News that production at the Groningen gas field could be cut further has also helped to fuel the bullish sentiment on the curve. Another drop in Brent has done little to limit the gains on the far-curve.||Power prices have received strong support from the gas market this morning following supply concerns on the continent. A rise in coal prices has helped far-curve contracts add to their prices, while weak wind generation and below average temperatures have helped prices on the near-curve inch higher.|
Brent 1st-nearby prices continue to display a bearish trend, falling to around $49.3/b this morning. Recent API figures display a 1.2Mb drop in crude oil stocks, while fears of Britain leaving the EU are also a factor.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 39.26ppt and £41.40/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