|Market Close||Market Close|
|Gas prices decreased on Friday on the back of healthy supply levels and a drop in demand; European prices displayed more significant losses compared to the UK as the Euro further strengthened against the Pound. An increase in oil prices offered some support to the far-curve but the overall sentiment remained bearish.||Losses were displayed across the power curve on Friday as wind generation increased over the weekend and temperatures were slightly milder, reducing demand. A weaker gas market also pressured down contracts further along the curve.|
|Market Open||Market Open|
|The system is oversupplied this morning as gas flows in the UK remain at comfortable levels but temperatures are expected to stay below average over the coming day which has restricted any downward movement. Prices also continue to be dictated by a weaker Pound, although oil prices are rather stable.||Power contracts have opened at a premium this morning as wind generation is set to drop from 2GW to 0.5GW tomorrow and will remain low until Friday. Rising gas and coal contracts have also offered support today with news from China in regards to mass closures of coal mines.|
Brent 1st-nearby prices moved down over the weekend as there was little change to fundamentals. However, an agreement to cut production between major oil producers could be reached by the middle of next week according to the Russian oil minister.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity displayed a gain - closing at 31.05ppt and £35.03/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