| Gas | Power |
| Market Close | Market Close |
| The UK gas system remained long throughout Thursday’s session as milder temperatures reduced residential demand and a rise in wind levels resulted in lower CCGT demand. This helped contracts move down as the session progressed, with little support provided by coal and oil markets. | A drop in wind generation was forecast for today, helping the prompt close at a premium. However, movement across the rest of the near-curve was bearish with direction coming from a weaker gas market and a mild weather outlook. Fuel markets had little impact on the far-curve and the morning’s gains were slowly erased. |
| Market Open | Market Open |
| The system remains 4mcm long this morning despite maintenance at a Norwegian gas field which will last until the 23rd of November. The near-curve displays losses as mild weather is set to continue for the rest of the month. Meanwhile, the Pound has strengthened slightly, helping contracts further along the curve shed from their price. | Lower consumption levels and a stable wind generation forecast for the weekend has contributed to losses on the near-curve this morning. Minor upward movement on fuel markets has failed to support far-curve prices with direction instead coming from a slight recovery in the Pound. |
For a breakdown of the current generation mix visit our Power Generation Insights page.
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Brent Summary Brent has stabilised this morning as fundamentals are largely unchanged, the OPEC meeting on the 30th of November is the next key event, with higher US drilling figures countering the effects of Middle Eastern tensions. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 48.07ppt and £46.96/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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