|Market Close||Market Close|
|A planned outage in Norway this Friday is set to last until the 3rd of November, restricting European imports by 25mcm and offering support to the near gas curve. Further support was provided by a colder weather outlook for the start of November, while gas-fired power generation remains high due to low wind production. Falling Brent did little to limit the gains further out as the Pound weakened against the Euro once more.||Movement on the power curve was varied on Tuesday with the prompt and other near-curve contracts shedding from their price on the back of milder weather and an expected rise in wind power. However, a drop in the Pound and supply concerns over the winter period helped contracts further out to climb higher.|
|Market Open||Market Open|
|Upward movement on the power curve has transferred to the gas market this morning with the majority of contracts moving higher. Tomorrow's scheduled outage in Norway continues to support the prompt, although wind generation is set to improve over the next few days. Overall fundamentals are largely unchanged with cold temperatures and a weaker Pound on-going factors.||An increase in temperatures and a stronger wind generation forecast continues to pressure down the Day-Ahead power contract this morning. The prompt is the only contract to record a loss this morning with issues in regards to French nuclear power and a significant increase in coal driving prices higher.|
Brent 1st-nearby prices have decreased by over $1.1/b since yesterday's open following unproductive talks between OPEC and Iraq, while Russia is only favourable towards a freeze on production, not a cut.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 46.58ppt and £47.87/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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