|Market Close||Market Close|
|Gas prices failed to show a clear trend yesterday as healthy LNG supply and a drop in residential demand helped to weigh on the prompt, also assisted by a rise in Norwegian flows following the end of maintenance. However, a downward revision in this week's weather forecast offered some support to the rest of near-curve. Seasonal contracts moved down with direction coming from weaker Brent and a stronger Pound.||Norwegian flows are back to normal levels this morning but planned maintenance is expected to take place tomorrow which should reduce imports into the UK by 30mcm, restricting losses on the prompt. Elsewhere, fundamentals are generally unchanged and weakening Brent helped prices further along the curve to decrease.|
|Market Open||Market Open|
|Most near-curve power contracts increased yesterday with an expected drop in renewable generation and a cooler weather forecast pushing prices higher. Upward movement on the far-curve was less visible as weaker Brent, coal and carbon emission contracts provided bearish pressure.||Power prices have moved down this morning with weaker gas the main market driver. Temperatures are expected to remain above average for the time being which has helped to weigh on the prompt, despite a weak wind generation forecast. Losses can be seen across the curve with falling Brent and coal providing additional downward pressure on the far-curve.|
Brent 1st-nearby prices display a small loss this morning and remain above $47.2/b with today's EIA & Fed reports expected to show a rise in US crude oil stocks.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 39.09ppt and £40.75/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