|Market Close||Market Close|
|Numerous unplanned outages in Norway reduced imports into the UK yesterday which helped to support contracts on the near-curve, while weakening Brent weighed on prices further out. Maintenance at the Heimdal facility was extended until the 8th of August, while the Kvitebjorn field and the Karsto processing plant were also offline.||A weaker demand outlook for this week helped prompt power contracts erase some of the morning's gains; with comfortable wind levels also a factor. Contracts were pushed higher by stronger gas contracts at the start of the session, with an increase in coal also providing support.|
|Market Open||Market Open|
|The short-term supply outlook remains weak this morning but a decrease in exports via the IUK pipeline helped to keep the system balanced, resulting in losses on the near-curve despite on-going issues at Norwegian facilities. Meanwhile, the Pound continues to weaken against the Euro but falling Brent has resulted in bearish movement on the far-curve.||Power contracts continue to track the movement of gas this morning and downward movement can be observed across the curve. Brent continues to post losses which has helped to weigh on contracts on the far-curve, while temperatures are cooler this week, contributing to lower consumption levels.|
Brent 1st-nearby prices continued to move down overnight and have fallen below $44.8/b as overall fundamentals are generally unchanged. However, tomorrow's Fed meeting and the release of the EIA inventory report should provide fresh sentiment on the market.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased- closing at 42.58ppt and £43.77/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