|Market Close||Market Close|
|A drop in Norwegian supply offered support to near-curve contracts on Monday as the UK gas system fell short. Further along the curve, prices took direction from rising commodity prices, with Brent continuing to rally higher.||Gains were observed across the power curve yesterday with rising gas, coal and oil markets driving contracts higher. A strengthening Pound helped to limit some of the bullish movement but failed to result to losses further along the curve.|
|Market Open||Market Open|
|Temperatures across Europe are expected to revert back to the seasonal norm this week which should weigh on demand levels, helping to restrict some of the upward movement on the near-curve. However, weaker Norwegian supply continues to provide support, although oil prices seem to have stabilised for the time being, limiting changes to far-curve contracts.||Renewable generation is set to improve over the coming days with solar power forecast to rise today; restricting bullish movement on the prompt. Maintenance on the UK-to-France interconnector has limited capacity to 75%, while rising gas and coal continue to push contracts higher.|
Brent 1st-nearby prices have inched higher once again this morning with traders awaiting the outcome of the upcoming 'Brexit' vote, with the latest polls suggesting 'remain' is in the lead; global supply concerns also remain a constant market driver.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 40.32ppt and £41.88/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