|Market Close||Market Close|
|Following a bullish start, gas prices eased down as the session progressed with a long system and weakening fuel markets weighing on the curve. The IUK pipeline will remain closed until later in the month, halting exports and maintenance in the UKCS has also concluded, increasing available capacity. Meanwhile, the Pound strengthened against the Euro, further weighing on some contracts.||Power prices mirrored their gas counterparts on Tuesday, initially opening at a premium before decreasing in the afternoon. An expected rise in wind levels today helped the prompt shed from its price, while the rest of the near-curve was pressured down by a long gas system, with weaker coal contributing to losses on the far-curve.|
|Market Open||Market Open|
|The system is 10mcm long with demand levels sitting 40mcm below the seasonal norm. CCGT demand has decreased following a rise in wind levels, while LDZ demand is almost unchanged from yesterday. Unplanned outages in Norway continue to restrict supply but bearish movement can be seen across the near curve this morning. However, a further rise in oil prices has helped towards some gains at the back of the curve.||Wind levels have ramped up today and should remain healthy tomorrow, resulting in further downward movement on the prompt this morning. Improved gas supply and a weak demand outlook led to decreases on the rest of the near-curve, while the far-curve ignored rising Brent and instead followed a weaker coal market.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display further gains this morning as the current sentiment is bullish, with doubts whether an agreement can be reached between OPEC members in regards to raising production quotas.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 55.33ppt and £54.02/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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