|Market Close||Market Close|
|Unplanned outages in Norway continued to provide upward pressure on the near-curve yesterday, although below average demand levels limited the gains. Meanwhile, LNG send-outs were weak with deliveries to Europe expected to be infrequent in the short-term. Contracts at the back of the curve also moved higher, taking direction from rising coal and oil markets.||Slightly weaker renewable levels were expected today, resulting in a small gain on the prompt. The rest of the near curve also moved higher, with a colder weather forecast and reduced gas supply the main drivers. On the far-curve, prices were dictated by increasing Brent and coal.|
|Market Open||Market Open|
|Temperatures are expected to drop further towards the end of this week and the start of May which has resulted in more gains at the front of the curve this morning. Outages at St Fergus and Kollsnes also continue to impact supply levels in the UK, although the system remains long as the demand is still below the seasonal norm. Further out, contracts continue to find support from a stronger oil market.||The prompt has opened at a premium this morning with an expected drop in wind levels and colder weather forecast for tomorrow. Cooler temperatures are also expected next week, helping to lift the rest of the near-curve, while prices at the back of the curve have been pushed higher by bullish fuel markets.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices display further gains this morning, rising to $75.2/b with no new market drivers coming into play to curb the bullish trend. Tensions in the Middle East and expectations of production cuts continue to provide support.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 50.65ppt and £50.36/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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