|Gas contracts displayed a drop yesterday afternoon as the market attempted to correct itself following strong support from a rise in commodity and equity shares in the previous session. A drop in Norwegian supply helped to lift near-curve contracts in the morning, while movement on oil contracts was minimal.
|Power contracts on the far-curve moved down towards the end of yesterday's session as the Pound continued to strengthen against the Euro and the Dollar, with further bearish pressure provided by a drop in coal prices. The front of the curve followed the movement of gas and also corrected downwards before the session's close.
|Demand levels have decreased this morning as temperatures across Europe are on the rise, however, downward movement on the near-curve is dependent on an increase in Norwegian imports. Further out, Brent continues to strengthen and has offered support to numerous contracts.
|Following healthy levels yesterday, solar power is weaker this morning which has resulted in gains on the near curve, with very little support coming from gas contracts. Further out, a drop in coal has limited some of the upward movement.
Brent 1st-nearby prices stabilised yesterday afternoon but have posted gains overnight to climb above $51/b. The increase in price was a result of bullish API data ahead of today's EIA report.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 40.45ppt and £42.54/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