| Gas | Power |
| Market Close | Market Close |
| The majority of gas contracts displayed a loss on Friday despite a late rally by Brent which ended the session at a strong premium. The UK gas system was long throughout the session due to improved Norwegian flows and increased LNG outlook; weighing on near-curve contracts. Warmer temperatures are also expected to return to the UK before the end of the month which provided further bearish pressure. | A drop in temperatures over the weekend and at the start of this week helped to support the prompt on Friday, with the rest of the near-curve also displaying upward movement. An expected drop in solar and wind generation was also a bullish factor, with weaker gas contracts doing little to curb the gains. |
| Market Open | Market Open |
| Rising oil contracts have helped to lift gas contracts on the far-curve this morning although a comfortable supply/ demand outlook has restricted upward movement on prompt prices. Norwegian flows into the UK remain healthy following an improvement on Friday, while LNG output from the Dragon and Milford Haven facilities is steady. | Most power contracts have opened at a premium this morning with maintenance at various nuclear power plants affecting supply. A stronger gas market also contributed to the bullish movement further along the curve, while cooler weather has also lifted consumption levels this morning. |
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Brent Summary Brent 1st-nearby prices have strengthened further over the weekend as supply disruptions in Nigeria and Venezuela remain a concern. Militant threats have resulted in closure at OPEC pipelines in Nigeria, while the political situation in Venezuela also remains unstable. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 35.15ppt and £37.91/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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