| Gas | Power |
| Market Close | Market Close |
| Gas prices moved higher on Friday with direction coming from an expected drop in temperatures and weak LNG send-outs. LNG flows have been weak throughout October due to a lack of deliveries from Qatar, while a drop in UK storage also offered support to winter contracts. A below average demand forecast for the weekend and today helped to limit gains on the prompt, while rising coal and oil pushed far-curve contracts higher. | Power contracts were pushed higher by their strengthening gas counterparts on Friday, with a colder weather outlook and weak renewable generation also supportive factors. Meanwhile, an increase in coal and oil provided additional bullish pressure further out. |
| Market Open | Market Open |
| Temperatures were revised down over the weekend and demand levels are expected to increase over the next 10 days, offering support to the near-curve this morning. However, the UK gas system is in strong supply thanks to healthy Norwegian imports, stronger Dutch supply and a drop exports to Belgium; limiting gains on the prompt. Movement further along the curve is minimal with another increase in coal cancelling out the impact of falling Brent. | The majority of power contracts display gains this morning with the Day-Ahead contract one of the few exceptions as it recorded a significant loss. Further out, a falling oil market has helped to pressure down some contracts, with rising coal and colder temperatures supporting prices in between. |
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Brent Summary Brent 1st-nearby prices have moved down this morning with bearish pressure coming from a higher rig count in the US and a stronger Dollar. Meanwhile, traders await the outcome of negotiations between Russia and OPEC in regards to cutting production. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 45.85ppt and £47.72/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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