|Market Close||Market Close|
|Gas prices moved higher on Monday as a colder weather forecast and unplanned outages offered support. Supply levels decreased as the Troll gas field, the North Morecambe field and the Bacton entry point suffered outages which reduced Norwegian and UKCS flows, resulting in a short system.||Fundamentals are generally unchanged this morning as UKCS production is limited and demand levels are on the rise. Temperatures are still slightly above average but colder weather is set to hit the UK later in the week. However, Norwegian flows are back to full capacity as the disruption at the Troll gas field has been resolved, despite this, overall movement on the curve is bullish.|
|Market Open||Market Open|
|Day-Ahead power climbed higher yesterday on the back of an expected drop in UK temperatures, leading to a rise in residential demand. Meanwhile, the rest of the curve followed stronger gas and posted gains, with weaker Brent having little impact.||Increases on the gas curve influenced the majority of power contracts this morning, although the prompt was the exception and posted a loss of £0.40/MWh with strong wind levels expected tomorrow. The gains were less prominent than gas as comfortable generation levels offset the effects of a stronger demand outlook.|
Brent 1st-nearby prices fell to as low as $43.15/b yesterday before correcting upwards to end the session at around $44.5/b. The weekend's terrorist attacks have caused some market tension and high stocks continue to weigh on oil prices.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 36.75ppt and £39.10/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