| Gas | Power |
| Market Close | Market Close |
| Gas contracts moved higher on Tuesday as demand levels are set to increase over the coming days due to an expected cold snap in the UK. Rising oil prices were also a bullish factor, although an expected increase in wind power should reduce CCGT generation, limiting some of the upward movement on the prompt. | Power contracts decreased in the morning but soon recovered these losses in the afternoon with direction coming from upward movement on the gas and oil markets. Demand levels were also forecast to rise as we move towards the weekend, although an expected rise in wind generation helped to stabilise the prompt. |
| Market Open | Market Open |
| The expected drop in temperatures over the next few days continue to support near-curve gas contracts this morning, although supply levels remain comfortable. Meanwhile, stronger Brent has helped to lift prices further along the curve, although falling coal prices have offset the gains slightly. | Power contracts have opened at a premium this morning with outages at French nuclear reactors continuing to affect the UK power market. The return dates of a number of EDF's nuclear units have been pushed back, resulting in strong gains for winter contracts. The Day-Ahead contract was also assisted in climbing higher by an expected drop in temperatures. |
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Brent Summary Brent 1st-nearby prices continue to climb higher with the bullish pressure largely down to technical issues, although there is still hope that OPEC members can reach an agreement to freeze oil output to help support the market; Brent currently trades just below $46.6/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 44.85ppt and £46.08/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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