|Market Close||Market Close|
|Increased demand levels were forecast for today due to a slight drop in temperatures which resulted in gains for Day-Ahead gas on Wednesday. The rest of the curve was pushed higher by a strengthening oil market despite below average demand and a comfortable supply outlook for the coming weeks.||Power contracts posted gains yesterday as fuel prices displayed a significant increase, while temperatures were also revised lower. Some prices on the near-curve rose by as much as £0.85/MWh with most contracts following their gas counterparts. Colder temperatures were also forecast for today which helped the prompt close at a premium but above average weather is expected to return at the start of February.|
|Market Open||Market Open|
|Contracts continue to tick higher this morning as Brent has strengthened further and temperatures have been revised down for the remainder of this month which should result in higher residential demand this weekend. The UK gas system is also tighter than previous sessions due to lower BBL flows and the increase in demand, however, the overall supply outlook remains healthy.||Stronger coal, gas and oil contracts continue to provide bullish pressure on the power curve this morning, with an increase in consumption also a factor. Meanwhile, a 720MW power station in the UK has suffered an outage and is expected to remain offline until the 1st of February, offering further support to near-curve contracts.|
Brent 1st-nearby prices continue to rise on the back of suggestions that major oil producers could reach an agreement to reduce output. Yesterday's EIA report also showed that crude oil inventories in the USA had reached an 85-year high.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 32.93ppt and £35.85/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