|Market Close||Market Close|
|Gas prices decreased yesterday despite a short gas system as the near-curve was influenced by an expected improvement in Norwegian imports today as maintenance was set to be concluded. Demand was 25mcm lower than Monday's levels which helped to weigh on the prompt further, while weakening Brent pressured down far-curve contracts.||Norwegian supply has improved this morning as expected, leading to a more balanced gas system. LNG send-outs also remain strong with three deliveries expected to arrive in the UK in the coming weeks from Qatar; near-curve contracts have decreased further as a result.|
|Market Open||Market Open|
|Power contracts followed the movement of their gas counterparts yesterday with falling Brent providing extra downward pressure further along the curve. Healthy renewable generation and a milder weather forecast helped the prompt to record a sizeable loss.||Wind generation levels remain strong and are expected to record a further increase tomorrow; reaching a peak of around 5GW. Solar power is also above the seasonal average and with the help of weaker gas and oil, significant losses have been displayed on the power curve this morning.|
Brent 1st-nearby prices stabilised yesterday with no clear market driver, however API figures have resulted in downward movement this morning; Brent currently trades at $48.11.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity displayed a gain - closing at 40.13ppt and £41.50/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