|Market Close||Market Close|
|Gas consumption increased once again yesterday as temperatures were at their coldest for two weeks; residential demand rose by 15mcm to 189mcm. LNG flows remained healthy with further deliveries expected in the UK before the end of the month which helped to limit some of the gains, although the gas system remained short. A late rally in oil prices also offered support to far-curve contracts.||Gains were evident across the power curve on Tuesday as colder weather pushed consumption levels higher. Upward movement on the gas, coal and oil markets also acted as bullish drivers, with news regarding the shutdown of Aberthaw power station continuing to pressure seasonal contracts higher.|
|Market Open||Market Open|
|The French President has announced the nation's commitment to a carbon floor price which could lead to an increase in gas-fired generation; resulting in strong gains on the gas curve this morning. Temperatures are expected to revert back to the seasonal norm as we enter May which has limited some of the upward movement on the near-curve but contracts further out continue to find support from rising oil prices.||Day-Ahead power is unchanged this morning as a slight rise in wind generation has offset strong consumption. Meanwhile, a strike by EDF employees in France has impacted European power generation but this has failed to have much impact on the near curve. Further out, contracts continue to be dictated by their bullish gas counterparts and increases on the power market.|
Brent 1st-nearby prices recorded unexpected gains yesterday afternoon and hit their highest point of the year so far, of $46.49/b. A combination of a weaker US Dollar and stronger investment is the main cause for this surge in oil prices.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 36.40ppt and £38.13/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