|Market Close||Market Close|
|Gas prices moved down yesterday afternoon and were dictated by a strong decrease in oil and an improved supply/ demand outlook. Despite an expected uptick in demand levels in the short term, Day-Ahead decreased as storage withdrawals increased to help balance the system.||A cold weather forecast for today offered support to prompt power prices on Tuesday, while weaker oil weighed on contracts on the far-curve. Elsewhere, EDF have confirmed that four of its nuclear power stations will remain open for a further seven years; these units currently supply a quarter of UK homes with power.|
|Market Open||Market Open|
|Demand levels remain high this morning but are expected to decrease over the coming days, while the supply outlook remains comfortable; resulting in bearish movement on the near-curve. However, a potential rebound cannot be ruled out as UKCS production is lower and gas-fired power generation remains high, tightening the system. Further out, contracts continue to track the movement of falling oil.||Wind generation is expected to rise from 1GW to 3GW tomorrow evening which has helped the prompt to record a loss this morning. The rest of the curve has also moved down, with weaker gas, coal and oil the main market driver. Meanwhile, EDF has confirmed that even more of its nuclear power stations will have their lifespan extended.|
Brent 1st-nearby prices moved higher yesterday morning due to the meeting between oil producing countries but decreased significantly in the afternoon as no agreement was reached; prices fell from around $35.6/b to $32/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 29.95ppt and £34.08/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