| Gas | Power |
| Market Close | Market Close |
| Gas prices decreased yesterday following strong gains in previous sessions, with a milder weather forecast for next week the main market driver. Two unplanned outages in Norway continued to restrict imports but this failed to offer much support to the curve. A drop in exports via the IUK pipeline provided further bearish pressure, while coal prices also fell. | Power contracts moved down across the curve yesterday thanks to a mild weather outlook for February. Weakening gas and coal prices also helped to weigh on contracts, while a high wind generation forecast for the rest of the week contributed to losses on the prompt. |
| Market Open | Market Open |
| The gas market remains bearish this morning as the UK gas system is well-supplied following a drop in demand and stronger UKCS production. Norwegian supply is back above 360mcm despite the outage at Kollsnes, while healthy Russian flows have resulted in long systems across Europe. Above average temperatures will dampen demand levels further after this weekend and coal prices are stable. | A mild weather forecast continues to pressure down power contracts this morning which have mirrored movement on the gas curve. Brent and APi2 Coal have failed to offer any support further out, with improved renewable generation helping towards losses at the front of the curve. |
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Brent Summary Brent 1st-nearby prices have decreased slightly this morning and trade at $55/b as traders are waiting on confirmation in regards to OPEC and non-OPEC production cuts. Rising US oil stocks and an increase in Libyan output continues to weigh on prices. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 48.30ppt and £47.47/MWh, respectively. Today's prices can also be found in an easy to read table on or 'current UK energy price' page. |
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