|Market Close||Market Close|
|Gas prices initially moved down yesterday with a drop in Brent the main market driver, although tighter supply resulted in gains later in the session. Norwegian exports rose to almost 300mcm in the morning but unplanned outages at Troll and Kvitebjorn reduced imports in the afternoon, resulting in a slight rebound in prices.||Power contracts mirrored the movement of gas on Wednesday and recorded losses in the morning before rebounding in the afternoon. Cooler temperatures reduced demand levels compared to last week which restricted upward movement on the near-curve, while a drop in Brent weighed on prices further out.|
|Market Open||Market Open|
|Yesterday's outages in Norway were resolved this morning and Norwegian flows increased to 272mcm, resulting in a balanced UK gas system, also assisted by low exports via the IUK pipeline. A weak Pound has offered support to some contracts but falling Brent continues to apply downward pressure on the far-curve.||The power curve displays mixed movement this morning as a sharp rise in coal prices has pressured some contracts higher, while others have followed their weakening gas counterparts and falling Brent. The Day-Ahead contract has recorded a sizeable loss as demand levels remain low and wind generation is healthy.|
Brent 1st-nearby prices have recorded a significant decrease and trade at around $43.4/b this morning following a bearish US inventory report. The report showed a rise in crude oil, gasoline and Cushing stocks, with a weaker US dollar having little effect on oil prices.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial moved gas slightly higher, while commercial electricity decreased- closing at 42.48ppt and £43.57/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