|Market Close||Market Close|
|A mild weather outlook for this week helped to restrict bullish movement at the front of the gas curve yesterday, with improved wind levels also helping to reduce gas-fired generation. Meanwhile, an increase in Norwegian flows to Europe contributed to a long gas system, resulting in higher exports via the IUK pipeline to Belgium. Upward movement further along the curve was limited by a bullish oil market, although a stronger Pound restricted any gains.||Further gains on the coal and oil markets helped power contracts to rally higher yesterday morning although a strengthening Pound helped move down in the afternoon. The prompt was dictated by a weaker demand outlook and improved wind levels and recorded a loss.|
|Market Open||Market Open|
|The UK gas system has opened long this morning and excess flows are still being exported to Belgium, resulting in losses on the prompt. The 10-day weather forecast is also expected to be mild and downward movement can be seen across the rest of the near-curve as a result. Coal prices have also moved down and the Euro has weakened further against the Pound, adding to the bearish outlook.||Healthy wind generation and a mild weather outlook for the rest of the month has resulted in losses on the near power curve this morning. Contracts have also taken direction from their weakening gas counterparts, while APi2 coal also shed from its price.|
Brent 1st-nearby prices are almost unchanged this morning, trading just above $56.5/b. There were no obvious reasons behind yesterday’s bullish movement, although a statement made by the OPEC Secretary General provided some market positivity.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 46.26ppt and £45.38/MWh, respectively.
Today’s prices can also be found in an easy to read table on or ‘current UK energy price' page.
Click graph to enlarge
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