|Market Close||Market Close|
|Winter gas contracts posted minor gains yesterday afternoon with nuclear power issues in France continuing to have an effect on the gas market. The Pound strengthened following yesterday's Budget announcement and helped to restrict some of the upward movement, although unplanned outages supported prices on the near-curve.||Issues regarding French nuclear supply remained a market driver yesterday although the majority of near-curve contracts recorded a loss. Further out, the trend was largely bullish with upward pressure provided by increases on the coal, gas and oil markets.|
|Market Open||Market Open|
|UKCS production is 10mcm higher than yesterday as flows via the Bacton Seal terminal have resumed. Demand levels are expected to increase tomorrow due to colder weather but this improvement in supply should offset the bullish pressure; the overall outlook remains stable-to-bearish as a result.||Power contracts have decreased this morning with the French market continuing to pressure down their UK counterparts. European temperatures are above the seasonal norm at present but this is expected to change in the coming weeks. Meanwhile, Phillip Hammond confirmed a freeze on the carbon price floor until 2020 in yesterday's budget announcement, providing support to seasonal contracts.|
Brent 1st-nearby prices have shown little movement overnight and currently trade just below $48.9/b as the market is anticipating next week's OPEC meeting, with the Thanks Giving holidays also postponing trading in the US.
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 44.52ppt and £45.34/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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