|Market Close||Market Close|
|The gas curve displayed further gains yesterday as a colder weather forecast and uncertainty regarding production cuts at the Dutch Groningen facility were the main market drivers. UK residential demand remained significantly below average but a halt in Norwegian imports offered support to the prompt.||A rising gas market and a decrease in nuclear generation in France resulted in gains across the power curve on Tuesday. Meanwhile, a drop in temperatures and weaker wind generation is expected over the weekend which also pushed contracts higher.|
|Market Open||Market Open|
|The Dutch Council of State has announced a cut in production at the Groningen facility with output being reduced from 33bcm to 27bcm. This news has provided strong support across the gas curve despite an oversupplied system and an increase in Norwegian flows.||Power contracts are dictated by stronger gas this morning following the news of production cuts in Holland. Wind generation levels are also set to drop over the coming days and the prompt has displayed a significant increase as a result, with additional support coming from a colder weather forecast. Peak wind generation remains around 5GW today but these levels are expected to fall below 3GW tomorrow and Friday.|
Brent 1st-nearby prices showed some signs of recovery yesterday as a fall in stockpiles was reported. However, the bears are back in control this morning and Brent has decreased to around $44.1.b with direction coming from political tensions and low demand for oil.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 37.28ppt and £39.48/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