|Market Close||Market Close|
|Gas prices fluctuated on Monday; initially opening at a premium, falling in the afternoon and then rebounding before the end of the session due to a rise in oil. The cooler weather forecast for this week supported near-curve prices in the morning but comfortable supply levels helped to erase some of these gains as the session progressed. Improved Norwegian flows helped towards a long UK gas system, while the short-term LNG outlook also remains healthy.||Higher consumption levels and a stronger gas market helped towards gains on the power curve yesterday, although a late rally in oil prices had little effect on the far-curve. Meanwhile, the Pound once again strengthened against the Euro which limited the upward movement on some contracts.|
|Market Open||Market Open|
|Demand in the UK is expected to rise to 274mcm today and should maintain these levels for the rest of the week; 24mcm above the norm for April. The UK gas system is tighter this morning as UKCS flows remain low due to the outage at the Easington terminal, while Langeled flows have also decreased slightly. This weaker supply/ demand outlook has led to gains on prompt prices which have filtered through to the rest of the curve.||Colder weather is expected to push UK consumption higher for the rest of the week which continues to lift prices on the near power curve. The Day-Ahead contract is one of the exceptions to the upward movement as wind generation is expected to rise tomorrow but could weaken later in the week. Elsewhere, oil prices are generally unchanged and failed to have much impact on the far-curve.|
Brent 1st-nearby prices have recorded a small drop this morning and trade around $44.7/b with very little change to fundamentals at the start of this week although significant bearish movement cannot be ruled out in the near future.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 34.70ppt and £37.53/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