|Market Close||Market Close|
|Gas contracts displayed mixed movement on Tuesday as improved LNG supply and a stronger Pound helped to erase some of the morning's gains. Norwegian flows remained weak throughout the session which tightened the system, while bullish oil prices supported far-curve contracts.||Power contracts moved down yesterday afternoon with direction coming from their weaker gas counterparts. An improved wind generation forecast for the next few days also provided further downward pressure on prompt prices, with an expected rise in temperatures next week also a factor.|
|Market Open||Market Open|
|The UK gas system has opened short once again this morning as demand levels continue to rise due to exports to Belgium. However, temperatures are expected to increase in the afternoon which will reduce residential heating demand; helping towards losses on the near-curve. Downward movement was also displayed on the far-curve with weaker gas and oil weighing on prices.||Day-Ahead power has shed around £1/MWh from its price compared to yesterday's opening with improved renewable generation and a milder weather forecast the main market drivers. The rest of the curve also move down and followed falling gas, with stable oil contracts doing little to support contracts further along the curve.|
Brent 1st-nearby prices display a small loss this morning, sitting just below the $50/b resistance after hitting a six-month high yesterday. Supply disruptions across the globe continue to provide bullish pressure, with the Canadian wild fire still a factor.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 35.10ppt and £37.75/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