|Market Close||Market Close|
|Another revision in weather forecasts has pointed to a drop in temperatures next week, providing support on the near gas curve yesterday. Maintenance at a Norwegian gas field also contributed to gains, with a rebound in coal helping towards upward movement further out. However, gains on the prompt were limited by healthy wind output and below average demand.||Wind levels were expected to remain healthy today and mild weather is set to continue until the end of the week, helping Day-Ahead power shed from its price on Monday. The expected drop in temperatures next week resulted in increases across the rest of the near-curve, while a rise in coal was the main driver behind upward movement further out.|
|Market Open||Market Open|
|The UK gas system is oversupplied this morning as temperatures remain mild and comfortable wind levels have reduced CCGT demand, restricting bullish movement on the prompt. Meanwhile, temperatures for next week have been revised down once again and the rest of the near-curve has moved higher as a result. Further out, coal and oil markets are generally stable which has been mirrored by contracts on the far-curve.||Stronger wind levels are expected tomorrow, weighing on the prompt, while a colder weather outlook continues to support the rest of the near curve. Concerns regarding French nuclear supply remain an underlying factor behind any bullish sentiment, while fuel markets have failed to offer much direction on the far-curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display a small loss as there is no key market driver at present, with an expected drop in US drilling figures offsetting the bullish effects of an apparent reluctance in Russia to reduce oil output.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 48.93ppt and £47.52/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