|Market Close||Market Close|
|Numerous gains could be observed across the gas curve on Thursday as a result of a very under-supplied system. Weaker coal and oil contracts provided some resistance further along the curve but short supply dictated the overall sentiment. Norwegian flows and UKCS production are lower due to outages, while a lack of deliveries has reduced LNG send-outs.||A rise in gas contracts pushed near-curve power prices higher yesterday with warm weather continuing to raise consumption levels. A weaker wind power forecast offered additional support to the prompt, while a drop in coal and Brent limited the gains further out.|
|Market Open||Market Open|
|The end of maintenance at some facilities saw a rise in UKCS output this morning which helped balance the system and contribute to losses at the front of the curve. Norwegian flows remain low due to the outage at the Heimdal processing plant but overall supply is comfortable. Meanwhile, weakening Brent applied some downward pressure on the far-curve.||Power contracts have tracked the movement of gas this morning and shed from their price, with the exception of the Day-Ahead and Front-Month contracts. A drop in wind generation is the cause of upward movement on the prompt, while lower coal and oil contracts further weighed on far-curve contracts.|
Brent 1st-nearby prices have fallen below $46/b this morning, a drop of around $1.3/b following a rise in Iraqi exports and weak demand.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 44.10ppt and £43.05/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