|Market Close||Market Close|
|Gas prices moved down towards the end of Friday's session after displaying strong gains in the morning. Prices initially moved higher due to a strong demand forecast for the weekend on the back of colder temperatures. However, the system was oversupplied thanks to stable BBL flows and a rise in Norwegian imports, while LNG send-outs also remained healthy.||Gas demand remains high this morning but above average temperatures are expected to return to the UK as the week goes on and consumption levels are set to fall; resulting in bearish movement across the curve. Norwegian imports are also at a record high, currently flowing at 360mcm/day and LNG send-outs have increased to around 50mcm/day.|
|Market Open||Market Open|
|An upward revision in this week's temperature forecast helped to weigh on power contracts towards the end of trading on Friday. Despite the afternoon's losses, contracts failed to erase their early morning gains due to a strong rise in consumption over the weekend; Day-Ahead rose to its highest price since the start of April.||Milder temperatures are expected for the rest of November and an expected rise in wind generation has helped to weigh on near-curve power contracts this morning. The Drax power plant also returned online on Friday, following delays which has provided further downward pressure.|
Brent 1st-nearby prices recorded a loss over the weekend and trade just below $43.8/b this morning. The overall outlook remains bearish with rising crude oil stocks in the US and stable production in the Middle East despite 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 36.20ppt and £38.79/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