|Gas prices increased throughout Wednesday’s session as the overall energy complex was bullish, with carbon markets in particular displaying large gains. Oil also rebounded, while a cooler weather outlook offered support to the front of the curve.
|Power prices were forced higher by rising carbon and higher feedstock prices yesterday, with gains seen on all European energy markets. A drop in renewables was also forecast for today, while temperatures are expected to revert to the seasonal norm in the coming days, supporting the prompt.
|The system has opened close to balance this morning and oil prices have eased down following a sharp rebound yesterday, resulting in only minor changes on the gas curve today. UK supply levels are expected to remain healthy due to regular LNG deliveries.
|Fuel markets show little change this morning which has resulted in stability on the power curve. Meanwhile, a healthy gas supply outlook has limited upward movement at the front of the curve, reducing the impact of a cooler weather forecast.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices continued to rebound yesterday with further support provided by the latest EIA report which showed good compliance from Saudi Arabia in regards to production cuts. Brent currently trades around $66.4/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity moved higher – closing at 51.67ppt and £53.55/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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