|Market Close||Market Close|
|The system was tighter yesterday due to unplanned outages which continue to limit Norwegian flows to the UK. The LNG outlook is also weak which resulted in an increase in storage withdrawals. As a result of these supply constraints, prices across the near curve moved higher, while bullish oil prices supported the back of the curve.||Rising coal, gas and oil markets helped towards gains across the power curve on Thursday, with a weaker renewable generation forecast providing additional bullish pressure to the prompt. Warm weather should keep demand low over the next week or so but this did little to dampen the upward trend.|
|Market Open||Market Open|
|Gas prices have eased this morning as the system is balanced and the demand outlook is weak due to above average temperatures. Oil prices have also moved down slightly, limiting any upward movement at the back of the curve. Meanwhile, return dates have now been given to outages in Norway, with Kristin expected back on 22nd and Kvitebjorn set to return on the 26th.||A healthier supply picture for gas and low consumption levels helped prompt power prices move down this morning, with improved renewables also expected at the start of next week. Movement further along the curve is mixed with some support provided by the coal market, although oil has stabilised.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices are unchanged from yesterday’s open as tensions revolving around a potential trade war between the US and China have eased, restricting upward movement. China have offered the US a $200b/year package to reduce the trade deficit following recent talks.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 57.34ppt and £56.09/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
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