|Market Close||Market Close|
|The UK gas system was short for the majority of yesterday's session but became balanced in the afternoon which resulted in a downward correction on the near-curve. Prompt prices were also pressured down by an announcement that the Nord Stream interconnector between Russia and Germany would return online today. Contracts further along the curve also displayed small losses on the back of currency movements, ignoring a rise in Brent.||Power prices displayed mixed movement on Thursday with small losses at the front of the curve and gains further out. An improved wind generation and a temporary drop in temperatures helped to pressure down the prompt, with the losses filtering through to the rest of the near-curve.|
|Market Open||Market Open|
|Near-curve gas contracts have decreased this morning as the gas system has opened long thanks to an improved supply/ demand picture. UKCS production has increased, while mild weather has resulted in weaker demand. As expected the Nord Stream interconnector is also back online which has improved supply levels on the continent.||A rise in wind generation has helped to weigh on the Day-Ahead contract this morning, with bearish movement also evident further along the near-curve. Temperatures have cooled slightly which has helped to reduce demand, offering additional downward pressure at the front of the curve. Further out, a significant drop in coal prices has offset rising Brent and movement is generally stable.|
Brent 1st-nearby prices have posted another gain this morning and now trade above $50.6/b, nearly hitting a six-month high during Thursday's session. Brent has climbed above the $50/b level for the first time since the 24th of June with optimism regarding a potential freeze deal continuing to fuel the bulls.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 40.30ppt and £42.92/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