|Market Close||Market Close|
|Gas prices moved higher on Friday afternoon with an unplanned outage at the St Fergus terminal reducing UKCS flows, resulting in a short gas system. St Fergus is also set to undergo scheduled maintenance from the 20th of November until the 18th of December; limiting output by 12mcm/ day. A milder weather forecast for this week restricted some of the gains on the near-curve, while falling coal and oil limited upward movement further out.||Power contracts inched higher at the end of last week with winter contracts tracking increases on the French market due to on-going issues in regards to nuclear supply. Cold weather helped the prompt add to its price, while stronger gas was also a supportive factor on the near-curve.|
|Market Open||Market Open|
|The UK gas system is oversupplied this morning and losses can be observed across the curve despite an increase in Brent. Planned maintenance has had little impact on supply as flows via St Fergus are back to similar levels to last week. Imports via the IUK interconnector have also increased, while slightly milder weather has reduced demand.||Movement at the front of the power curve is bearish this morning with direction coming from weaker gas and an increase in temperatures. Further out, contracts have largely been dictated by stronger oil contracts due to renewed hopes of a potential production cut.|
Brent 1st-nearby prices have increased this morning due to optimism in regards to the OPEC freeze deal, with Iran seemingly ready to cooperate; Brent currently trades close to $47.6/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas recorded a loss, while commercial electricity increased - closing at 43.73ppt and £45.28/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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