| Gas | Power |
| Market Close | Market Close |
| A combination of improved Norwegian flows, a weaker demand outlook and a drop in oil prices resulted in bearish movement across the gas curve on Tuesday afternoon. However, the UK gas system was short due to an unexpected outage at the St Fergus terminal, despite reduced gas-fired generation. Elsewhere, Shell have announced that a further two compressors will be installed at the Ormen Lange gas field next year which will increase capacity by 20mcm. | Improved renewable generation reduced the UK's reliance on expensive gas-fired generation which resulted in a slight drop for Day-Ahead power yesterday. Weakness on the gas and oil markets helped towards the losses on the rest of the power curve. |
| Market Open | Market Open |
| An expected drop in temperatures next week has limited downward movement on the near-curve this morning, while there are still no LNG deliveries scheduled to arrive in the UK over the next fortnight. Further out, the bearish oil market continues to acts as the main market driver and contracts have decreased. | A strong wind generation forecast has helped to apply bearish pressure on the prompt this morning, while the rest of the near curve has followed the movement of gas and also recorded losses. APi2 coal has opened at a discount today, while Brent also continues to weaken which has helped to weigh on the far-curve. |
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Brent Summary Brent 1st-nearby prices have shed around $0.50/b and have fluctuated between $45.5/b and $47.5/b since last Friday. We are nearing the end of the meeting in Algiers, with the current outlook rather pessimistic in regards to a freeze deal being reached; resulting in this morning's loss. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 39.62ppt and £43.60/MWh, respectively. Today's prices can also be found in an easy to read table on our 'current UK energy price' page. |
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