|Market Close||Market Close|
|Gas prices displayed further gains yesterday, with rising oil the main market driver as Brent reached a three-week high. Gas demand in the UK was also 6% higher than Wednesday's levels and Dutch production fell by 40mcm which tightened the system; a milder weather outlook for next week did little to restrict the upward movement.||Power contracts were dictated by the rising gas and oil markets, while coal prices also inched higher. Temperatures were also expected to drop over the weekend which should lead to an increase in residential consumption, although wind generation remained strong.|
|Market Open||Market Open|
|Brent prices have increased further this morning which has pushed some gas prices higher once again. The prompt was an exception to the upward movement as fundamentals for the coming week are expected to be healthy, helped by a rise in temperatures.||Wind generation is limited today due to safety concerns as Storm Gertrude has hit northern parts of the UK. This drop in renewable production has led to an increase in coal and gas-fired generation, resulting in gains across the curve.|
Brent 1st-nearby prices continue to display a bullish trend this morning and have climbed to just under $34.5/b; rumours surrounding possible production cuts continue to push prices higher despite weak fundamentals.
1-year forward prices
Market close data has revealed that the 1-year forward price of commercial gas decreased, while commercial electricity opened slightly higher - closing at 32.75ppt and £35.95/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