|Market Close||Market Close|
|The UK gas system was balanced yesterday as Norwegian flows were rerouted to mainland Europe and storage injections increased, resulting in gains at the front of the curve. A gas field in the UKCS also suffered an outage, reducing output by 6mcm/ day. Healthy LNG send-outs capped the gains somewhat, while the far-curve displayed small losses due to weakening commodities.||Power prices displayed little movement yesterday with contracts at the front of the curve displaying only minor losses. An expected rise in renewable levels today helped the prompt shed from its price, while fuel markets were stable-to-bearish.|
|Market Open||Market Open|
|The system is slightly long this morning but gas prices remain bullish thanks to the on-going outage and a cold weather outlook. Sentiment further along the gas curve is also supportive as coal has increased and oil displays a rebound.||Rising fuel markets have helped power prices climb higher this morning, with carbon the only market to display a loss. A weak outlook for renewable generation has helped to support the front of the curve, with a cold weather forecast also expected to lift demand.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices decreased further yesterday, erasing any losses recorded during Wednesday’s bullish session. Oil prices are following the weakening global markets, although a rebound cannot be ruled out due to increasing supply concerns.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas recorded a small loss, while commercial electricity increased – closing at 65.05ppt and £62.08/MWh, respectively.
Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page.
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