| Gas | Power |
| Market Close | Market Close |
| Mild temperatures have been forecast for the second half of November, helping to weigh on near-curve contracts, while the back of the curve was pressured down by falling coal and oil markets. The UK gas system remained oversupplied and an expected rise in wind levels should reduce CCGT generation this week. | The majority of power contracts recorded gains yesterday with direction coming from nuclear power outages in France. The bullish movement was slightly limited by decreases on the gas curve and a drop in coal prices; far-curve contracts were generally stable in the afternoon. |
| Market Open | Market Open |
| The UK system has opened long once again this morning and has led to losses on the prompt, with the downward movement filtering through to the rest of the near-curve. However, the coming days are expected to be slightly colder and Brent displays an increase; as a result upward movement on the gas curve cannot be ruled out this afternoon. | Power contracts moved down this morning, with the prompt in particular displaying a strong loss. Weaker APi2 coal continues to apply bearish pressure on the far-curve, while the front of the curve is dictated by an improved wind generation forecast. Temperatures are expected to turn colder as we enter the weekend but mild weather is set to return next week. |
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Brent Summary Brent 1st-nearby prices displayed a technical rebound overnight and now trade back above $45.2/b, however, the outlook remains bearish due to doubts surrounding OPEC production cuts and an expected increase in Libyan oil output. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 43.36ppt and £44.34/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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