|Gas prices recorded mixed changes on Friday with a long system and a mild weather forecast helping towards losses on the near-curve. Further out, contracts were dictated by rising oil and gas prices, although a stronger Pound provided some resistance.
|Wind generation was expected to drop over the weekend and today, resulting in gains on the prompt on Friday. A warmer weather outlook for the rest of the month helped to stabilise the rest of the near-curve, while higher fuel prices helped towards gains further out.
|Bullish movement at the front of the gas curve was capped by a comfortable supply/ demand outlook for the next few days. Temperatures are set to remain mild, while strong Norwegian imports have contributed to an oversupplied system. Meanwhile, strengthening oil and coal markets continue to offer support to the far-curve, although the gains are not significant.
|Power prices continue to display mixed movement this morning with mild weather and stronger fuel markets causing varying changes. Traders also await news in regards to the restart of a nuclear reactor which was subject to safety checks over the weekend, the first of many facilities which will be forced offline.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display gains this morning as Donald Trump failed to confirm a deal with Iran and US officials now have 60 days to decide whether further sanctions will be imposed. Elsewhere, conflicts in Iraq could impact oil supply in the region, providing further support.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 46.49ppt and £45.76/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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