|Market Close||Market Close|
|Gas prices moved higher yesterday afternoon due to the current cold temperatures across Europe and a number of unplanned outages in Norway. Prices initially opened lower due to the weak oil market but rebounded later in the session as gas demand rose to 348mcm. However, the gains were minimal as milder weather is expected to return later in the month and increased BBL flows and LNG send-outs offset the drop in Norwegian imports.||Day-Ahead power reached its highest price in over a year due to low wind generation and below-average temperatures, resulting in strong demand. LNG deliveries were also expected to decrease over the next few weeks which offered support to the rest of the near-curve.|
|Market Open||Market Open|
|The cold weather continues to support contracts this morning, while the outage at the Oseberg field in Norway is yet to be resolved. Above average temperatures are expected to return to the UK next week and are expected to continue into February; restricting some of the upward movement. The UK gas system also remains oversupplied as supply levels are healthy despite the drop in output via the Langeled pipeline; helping to weigh on the prompt.||The prompt decreased this morning as wind generation is expected to rise over the coming days from around 0.5WW to 3.5MMW. The rest of the curve followed the movement of gas with most contracts displaying an increase, although weak coal and carbon markets helped to weigh on the front-month.|
Brent 1st-nearby prices hit a 13-year low yesterday but have inched higher overnight to just above $29.2/b, with improved oil demand data in China offering support.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 30.50ppt and £34.60/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