|The UK gas system fell short on Thursday following a significant drop in Norwegian flows due to an outage at the Vesterled pipeline, this resulted in bullish movement across the near gas curve. Further out, the rising oil market continued to act as the main market driver and most contracts moved higher.
|The power curve displayed upward movement yesterday with direction coming from gains on the gas market and stronger APi2 coal. Wind and solar generation was expected to improve today and over the weekend but this had little effect on the prompt, while another increase in Brent offered additional support further out.
|Gas contracts have moved down this morning on the back of an oversupplied system and weaker Brent. Output at South Hook remains healthy, while Langeled flows are improved despite on-going maintenance at the Kollsnes and Karsto facilities; the supply outlook for today remains stable.
|Losses on the gas market and today's drop in industrial demand has helped Day-Ahead power record a strong loss this morning. The rest of the near-curve has inched higher due to a tightening spark spread as we edge towards the end of the gas year. Meanwhile, seasonal contracts have found support from a weaker renewable generation forecast and scheduled maintenance in the UK.
Brent 1st-nearby prices are slightly bearish this morning after hitting a high of $47.8 during yesterday's session. This morning's loss is down to a technical correction ahead of Monday's meeting in Algiers between major oil producers.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity moved higher - closing at 39.93ppt and £43.49/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
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