|Market Close||Market Close|
|Gas prices were boosted yesterday, amid a strike by oil workers in Kuwait. Norwegian imports via Langeled dropped as planned maintenance at Easington terminal began. Despite this, the system remained well-supplied with flows from other sources and a fall in demand.||Prices across the curve closed upwards yesterday, tracking the strengthening Gas curve. Colder weather forecasts lead to gains on the near-curve, however a strengthening Pound against the Euro limited gains across the curve.|
|Market Open||Market Open|
|Oil prices dropped this morning following the end to the strike in Kuwait, which could filter through to the gas curve. Increased flows could see the oversupplied system put bearish pressure on day-ahead prices. Colder weather for the weekend could limit any downward correction on the near-curve.||The market opened slightly up from yesterday's close this morning, amid the forecasts of much cooler than average temperatures for this period of the year. This has led to an expected rise in consumption.|
Crude prices fell strongly this morning, after Kuwait workers ended their strike which had seen production cut to almost half. Increasing production in Iran is keeping bearish pressure on the markets, while US crude stocks rose more than anticipated last week.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 31.58ppt and £34.78/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