|Market Close||Market Close|
|The majority of gas prices moved higher on Thursday as on-going issues regarding power generation offered support, with CCGT (Combined Cycle Gas Turbines) likely to make up the shortfall. A planned outage in Norway also helped to push contracts higher, while colder temperatures have been forecast for the start of November.||Power contracts inched higher on the back of a colder weather forecast and winter supply fears. An increase in wind generation helped to limit the gains on the prompt but prices on the far curve followed the movement of strengthening coal, gas and oil.|
|Market Open||Market Open|
|Reports claim that the cap on OPAL output could be lifted which would result in a sharp rise in Russian gas flows to Europe which are currently limited to 30mcm per day via the Nordstream pipeline. This has helped to limit the upward movement on the gas curve this morning despite a bullish supply/ demand outlook for November; an oversupplied system has also helped the prompt record a loss.||Movement on the power curve is varied this morning with traders struggling to find a stand-out market driver. Generation levels are much more comfortable than previous sessions which has weighed on the prompt, although uncertainty regarding French nuclear power is still a supportive factor further out.|
Brent 1st-nearby prices are on course to post their first weekly loss since September, although the decrease is not significant. Yesterday, prices displayed a small rebound to climb back above $50.3/b following a report by Reuters which hinted towards a 4% production cut if certain conditions can be agreed.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 46.70ppt and £47.98/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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