|Market Close||Market Close|
|The UK gas system was short yesterday due to the outage at the Kollsnes processing plant in Norway. However, gas prices largely ignored this drop in supply and significant losses were posted across the curve due to falling oil and a weak demand forecast. The outage in Norway was also expected to be resolved today which limited its impact.||Day-Ahead power closed at a discount yesterday as wind generation is on the rise and consumption levels remain well below the seasonal norm. Meanwhile, the rest of the curve showed very little change as contracts opened low and there was little to spark a rebound.|
|Market Open||Market Open|
|Norwegian gas flows are back to normal levels this morning which has led to a rise in imports via the Langeled pipeline, resulting a long UK gas system. This has helped contracts record further losses as overall fundamentals remain bearish, helped by mild weather for this time of year.||Power contracts continue to move down this morning due to above average temperatures, falling gas and healthy wind generation. Another decrease in oil prices also applied additional downward pressure to the far-curve, although coal contracts are stable.|
Brent 1st-nearby prices recorded another loss yesterday as US inventories increased unexpectedly. The January contract for Brent expired today and February-16 is already close to yesterday's price, currently trading at $37/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 32.24ppt and £37.60/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