| Gas | Power |
| Market Close | Market Close |
| Gas contracts continued to climb higher on Thursday as cold weather remained the main market driver. Below average temperatures are forecast across Europe in the coming days, tightening supply levels. Meanwhile, oil and coal markets recovered, providing additional support at the back of the curve. | Temperatures were forecast to fall overnight which supported the prompt, ignoring the expected rise in renewable power today. The cold weather outlook also pushed the rest of the near-curve higher, with a rebound in oil helping towards gains at the back of the curve in the afternoon. |
| Market Open | Market Open |
| Near-curve gas contracts show strong gains this morning, particularly the prompt as cold weather has resulted in a tighter system, with demand levels expected to ramp up further next week; demand could potentially reach an eight year high. Oil and coal prices also remain bullish and further upward movement is visible at the back of the curve as a result. | Power prices have followed their gas counterparts, with the Day-Ahead contract opening at a significant premium ahead of the weekend’s cold snap. Below average temperatures are expected to continue next week, supporting the rest of the curve, while bullish movement further out has been fuelled by a rise in Brent and coal markets. |
For a breakdown of the current generation mix visit our Power Generation Insights page.
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Brent Summary Brent 1st-nearby prices have increased by over $1/b following the release of this week’s EIA report which showed stable production levels and a drop in commercial crude stocks. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 47.90ppt and £47.04/MWh, respectively. Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page. |
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