| Gas | Power |
| Market Close | Market Close |
| Gas prices moved higher on Thursday as cold weather resulted in strong demand, while an unplanned outage saw withdrawals drop to zero at the Rough storage facility; contributing to upward movement on the near-curve. Meanwhile, weaker coal and oil, combined with a stronger Pound helped to cap the gains further out. | The power curve continued to be influenced by the higher demand forecast and low renewable generation, with increases displayed across the near-curve. Elsewhere, coal and Brent displayed losses yesterday, while the Pound strengthened against the Euro; this helped to limit the gains further out. |
| Market Open | Market Open |
| Low wind generation and cold temperatures have been forecast for the start of next week, leading to further gains on the gas curve. The prompt has also received additional support from a lack of withdrawals at the Rough storage site. However, temperatures are set to turn milder before the end of the month, while coal and oil contracts are stable. | Power contracts have been pushed higher by rising gas, with below average temperatures also a contributing factor as residential demand is high. Wind generation is also expected to be minimal at the start of next week and fuel markets have shown little movement. |
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Brent Summary Brent 1st-nearby prices have shown little change since yesterday's opening, trading just below $47.5/b ahead the compliance meeting in Vienna this weekend to discuss production cuts. Yesterday's EIA report was bearish but losses were restricted by a stronger Dollar, while OPEC cuts are not enough to take prices back to December-16 levels. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 49.05ppt and £47.57/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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