|UK energy markets were closed yesterday due to the Bank Holiday weekend but the oil market displayed strong losses, while coal and carbon continued to strengthen. Friday’s session saw contracts across the curve close at a discount, with a healthy supply/ demand outlook the main market driver at the front of the curve.
|The power market was shut in the UK yesterday but global fuel markets displayed mixed movement. On Friday, power prices followed their gas counterparts and moved down, with weaker oil and improved gas supply weighing on contracts.
|The UK gas system is balanced this morning and outages in Norway are close to being resolved which will result in an increase in available capacity; this has helped towards losses across the near-curve this morning. Further out, contracts have followed falling oil prices, with weaker coal also a factor.
|Day-Ahead power displays a loss this morning but a low wind generation forecast has provided some resistance. Low gas demand has helped to weigh on the rest of the near-curve as warm weather is set to continue. Meanwhile, prices at the back of the curve have found direction from weaker fuel markets.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have dropped to $75.5/b over the Bank Holiday weekend with bearish pressure provided by a rise in Russian and Saudi Arabian output.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 56.42ppt and £55.78/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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