|Gas prices moved down on Tuesday with most decreases thought to be technical, with a lot of contracts close to their resistance levels. Supply levels also improved later in the day as unplanned outages in Norway were resolved, balancing the system.
|Power prices followed gas yesterday and displayed losses as supply improved and warmer weather is expected to reduce demand levels. Contracts across the curve eased down, with a drop in coal prices also a factor.
|The system remains balanced this morning with a number of LNG deliveries also expected next week following a two-week dry spell. This has helped to pressure down near-curve gas prices, while contracts further out are little changed due to coal and oil markets moving in opposite directions.
|A rise in temperatures, a healthier gas supply outlook and stable-to-bearish coal has resulted in further decreases along the power curve this morning. Carbon also displays a slight loss, while oil has increased capping some downward movement further along the curve.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have increased with support coming from uncertainties regarding an extension to OPEC production cuts, tensions in the Middle East and the resumption of talks between the US & China in regards to trade deals.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & electricity decreased – closing at 47.23ppt and £52.18/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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