|Market Close||Market Close|
|Two unplanned outages resulted in a drop in UKCS production yesterday, while Norwegian flows also weakened, contributing to a short system despite lower CCGT demand. An expected drop in temperatures next month also limited any downward movement, while a rise in coal and oil markets helped to lift the far-curve.||A sharp rise in wind levels resulted in a weaker prompt yesterday, although temperatures are expected to drop to around the seasonal norm next week which restricted losses on the rest of the near-curve. Meanwhile, far-curve prices followed their gas counterparts and increased.|
|Market Open||Market Open|
|The UK gas system has opened slightly long this morning, helped by healthy wind levels which reduces the need for gas-fired power generation. Near-curve gas prices are down on the back of this improved supply picture, with a drop in coal and carbon markets weighing on the back of the curve.||A drop in gas and carbon markets helped to weigh on the power curve this morning, while coal was almost unchanged and oil only shows a minor gain. Wind levels are similar to yesterday, making up for the absence of solar power and reducing reliance on gas.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have moved down slightly and the overall outlook is bearish due to weak financial markets. However, some support has been provided by an outage in the North Sea, while traders wait for a confirmation of OPEC cuts next week.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas decreased, while commercial electricity moved higher – closing at 60.15ppt and £59.35/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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