|Gas prices decreased on Friday, with the exception of the Day-Ahead contract and some near-curve prices which found direction from weak renewable power availability. Bearish oil weighed on the far-curve, with a rise in coal having little impact, while carbon was stable.
|A weak renewable forecast for the weekend and the start of this week helped the prompt move higher on Friday, while front-month was pushed higher by its gas counterpart. Further out, movement was minimal as fuel markets moved in opposite directions.
|Attacks on Saudi oil facilities have offered support to gas prices this morning as expected. In addition to this, Gazprom has suspended some flows to Europe until reassurances are provided during talks between Russia & Ukraine in regards to gas transit. Overall sentiment in the UK is bearish but global and European supply concerns dictate prices this morning.
|The rise in oil prices has impacted all energy markets and power prices have opened higher this morning. The prompt displays additional gains as renewables are expected to remain weak tomorrow, although warmer weather has offered some resistance.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have rallied to a four-month high, adding around $4.5/b to its price following the weekend’s news of a drone attack at facilities in Saudi Arabia which took half of the nation’s oil production offline. Output in the country is expected to be limited for a number of weeks.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 48.63ppt and £54.23/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
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