|Market Close||Market Close|
|Gas prices increased on Tuesday with support coming from a stronger demand forecast and bullish movement on the power market. A weak LNG outlook helped to push the front-month contract higher, while rising coal continued to support the rest of the far-curve.||Power contracts rocketed yesterday afternoon as a number of nuclear reactors in France were taken offline due to safety concerns (read more here). This added to an already tight supply outlook for the winter months. Further support was also provided by a higher demand forecast for the rest of this week, in addition to stronger fuel prices.|
|Market Open||Market Open|
|Contracts on the gas curve continue to rise this morning as temperatures are set to turn colder over the next few days, which will lift demand. The UK gas system is also short due to a drop in flows via the Langeled and BBL pipelines, helping the prompt move higher. Meanwhile, coal prices continue to rise and safety tests at a number of EDF's nuclear units have supported winter contracts due to an expected rise in gas-fired power generation.||Power contracts continue to display a strong bullish trend this morning following 5.1GW of outages at nuclear facilities in France; increasing concerns in regards to tight supply over the winter period. Further out, prices have taken direction from an increase in APi2 coal, with Brent also displaying gains.|
Brent 1st-nearby prices continue to inch higher this morning although the market appears rather uncertain at present ahead of the OPEC meeting scheduled for the 30th of November, with a weaker US dollar providing some support.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity recorded a gain - closing at 46.10ppt and £47.58/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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