| Gas | Power |
| Market Close | Market Close |
| The system was well-supplied throughout Tuesday’s session, helped by high LNG send-outs. This resulted in losses across the near curve, while movement further out was largely stable. | Power followed gas and eased down yesterday, with healthy supply levels offsetting next week’s cooler weather outlook. A late rally on carbon markets offered support in the afternoon, while oil and coal weakened. |
| Market Open | Market Open |
| Gas prices have opened higher following major moves on carbon markets with expectations that the EU will bring forward its plans to reach ‘Net Zero’ by 2030, instead of 2050. Meanwhile, maintenance at Norwegian facilities could also tighten supply, offering additional support to the front of the curve. | Rising carbon markets have lifted power prices this morning, with EUA contracts rising to 45 Euros per tonne. Despite an increase today, low wind generation is set to continue over the coming days, helping the prompt climb higher. |
For a breakdown of the current generation mix visit our Power Generation Insights page.
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Brent Summary Brent Crude has decreased and currently trades around $66.6/b. Bearish pressure has been provided by an increase in COVID-19 cases in India and Japan, two of the world’s largest oil consumers. 1-year forward prices Market close data has revealed that the 1-year forward price for commercial gas & commercial electricity increased, closing at 51.59ppt and £61.26/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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