| Gas | Power |
| Market Close | Market Close |
| Gas prices were pushed higher by rising Brent on Monday following the extension agreement between Russia and Saudi Arabia. The UK gas system was also short throughout the session, with on-going maintenance in Norway limiting exports to the continent. Meanwhile, the LNG outlook is weaker due to an unplanned outage at the Gorgon LNG terminal train 1 in Australia which is expected to take around a month to resolve. | Increases on the coal, gas and oil markets transferred to the power curve yesterday in a bullish session. A weak renewable generation forecast and the expectation of cooler weather provided additional upward pressure at the front of the curve, with more expensive CCGT generation making up the difference. |
| Market Open | Market Open |
| Norwegian flows are expected to ramp up later in the week as maintenance is scheduled to end, offering some downward pressure at the front of the curve this morning. However, temperatures have been revised down for this week and low wind levels will result in an increased reliance in gas fired generation. Oil prices also continue to provide support and low storage levels have ensured the overall sentiment remains bullish. | Power prices display mixed changes this morning with gains displayed at the front of the curve and minimal movement further out. Oil and coal contracts continue to strengthen, while a sharp drop in wind generation and low solar availability has offered strong support to the prompt. |
For a breakdown of the current generation mix visit our Power Generation Insights page.
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Brent Summary Brent 1st-nearby prices climbed higher yesterday as Russia and Saudi Arabia announced they are willing to extend production cuts to March 2018. Prices rose by around 2% following the news and currently trade above $52.1/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 41.95ppt and £41.58/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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