|Market Close||Market Close|
|Gas prices increased yesterday morning as a number of unplanned outages reduced flows into the UK, however there was some downward movement in the afternoon as storage withdrawals helped to balance the system. The gains were more prominent on the far-curve rather than the prompt with further upward pressure coming from rising Brent.||Power contracts were bullish on Wednesday and were dictated by rising gas and Brent, despite a mild weather outlook. The larger gains were displayed on the far-curve as oil prices recorded a significant gain, while the prompt was slightly supported by an expected drop in wind generation today.|
|Market Open||Market Open|
|The UK gas system has opened long this morning as demand levels have decreased on the back of milder weather and a stable supply picture which has helped to weigh on near-curve contracts. The rest of the curve is generally stable as oil prices have settled after rallying higher yesterday afternoon.||Consumption levels have decreased this morning but a weak wind generation forecast for tomorrow and over the weekend has helped the prompt open at a premium. Sentiment on the rest of the curve is mixed with stable oil prices restricting movement further out.|
Brent 1st-nearby prices have increased by over $2/b overnight which erased the losses recorded earlier in the week as a meeting between major oil producers is scheduled in Doha on the 17th April.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 30.56ppt and £34.83/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