| Gas | Power |
| Market Close | Market Close |
| Gas prices moved down on Friday as mild weather was forecast today and wind levels were also expected to ramp up, reducing the need for CCGT generation. The UK gas system was oversupplied as UKCS production and Norwegian flows increased, although a weaker Pound limited some of the losses on the far-curve. | Power contracts decreased on Friday, following their weaker gas counterparts with a warmer weather forecast for this week helping to weigh on the near-curve. An expected rise in wind generation also help towards losses on the prompt, while oil contracts were stable, offering little support to the far-curve. |
| Market Open | Market Open |
| An unplanned outage at the Troll gas field has meant Norwegian flows to Europe are lower than expected, supporting the prompt this morning. However, low residential demand due to mild weather has helped to restrict the gains. Meanwhile, coal prices have strengthened further and the outlook for gas contracts is stable-to-bullish. | Day-Ahead power is the exception to the bullish trend this morning with gains displayed across the curve. Stronger gas and coal are the main drivers behind the increases. The coal market continues to strengthen as China are no longer importing coal from North Korea. |
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Brent Summary Brent 1st-nearby prices have climbed back above $56/b despite little change to fundamentals. The latest Baker Hughes rig count restricted some of the upward movement but traders remain optimistic that the OPEC/ Non-OPEC deal can help support the market. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 47.20ppt and £45.93/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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