| Gas | Power |
| Market Close | Market Close |
| A cold weather outlook for the next few days helped to support gas contracts at the start of yesterday's session but these gains were restricted by falling oil prices. Gas demand rose to a four-year high in numerous countries across Europe and weakening coal had little impact as a result. | Strong consumption across Europe helped towards gains on the near gas curve yesterday, with gains on the gas market an additional factor behind the increases. Low wind levels should result in a higher reliance in more expensive generation methods which has also contributed to the bullish sentiment. |
| Market Open | Market Open |
| Temperatures for next week have been revised down which has helped to lift gas prices this morning as demand is expected to remain high; wind generation is also low which will lead to increased CCGT generation. In terms of supply, the LNG outlook is weak due to a lack of deliveries, while pipeline imports are unlikely to increase in the near future. Further bullish pressure has also been provided by rising coal and oil. | Power contracts have added to their price this morning as the current cold stint will last longer than initially expected. Fuel prices across Europe are on the rise with the coal market predicted to be overbought, which will lead to further increases. |
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Brent Summary Brent 1st-nearby prices set a monthly low of £53.77/b yesterday but rebounded overnight and now trade close to $54.4/b; yesterday's OPEC report provided minimal support as higher output in the US continues to weigh on oil prices. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 49.47ppt and £47.95/MWh, respectively. Today's prices can also be found in an easy to read table on or 'current UK energy price' page. |
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