| Gas | Power |
| Market Close | Market Close |
| Gas prices moved down yesterday afternoon despite a bullish opening to the session, with a milder weather forecast for next week helping to weigh on the prompt; wind power was also set to rise which will reduce the UK's reliance on more expensive CCGT generation. Meanwhile, the UK gas system was well-supplied throughout the session and the Pound strengthened against the Euro. | Movement on the power curve was similar to that of gas yesterday, with early morning gains being erased in the afternoon by a more comfortable supply/ demand outlook. French nuclear power remained a supportive factor but a rise in wind generation helped to weigh on the prompt. |
| Market Open | Market Open |
| The UK gas system remains long this morning despite a 20mcm rise in demand levels compared to yesterday, with an in increase in Norwegian imports making up the difference. This has helped to weigh on gas contracts across the near-curve, while rising Brent has done little to support prices further out. | Power contracts have shed from their price this morning as the UK curve has tracked the movement of its French counterpart. The delayed return date of French nuclear reactors continues to restrict downward movement but a milder weather outlook and stronger wind levels have helped to pressure down contracts at the front of the curve. |
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Brent Summary Brent 1st-nearby prices continue to climb higher and have recorded a 6% increase since the start of the week. A bearish EIA report limited some of the upward movement but support was provided by positive comments made by Russian and OPEC officials in regards to production cuts. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 43.15ppt and £44.76/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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