|Market Close||Market Close|
|Planned maintenance in Norway is set to reduce flows into the UK today which helped to support Day-Ahead gas during yesterday's session. The rest of the near-curve was generally stable as the UK gas system remained long despite higher exports to Europe. UK residential demand was 15% below the seasonal norm due to mild weather which further restricted upward movement on the near-curve.||Maintenance is taking place in Norway today but imports into the UK are only 10mcm lower and supply levels in general are comfortable, helping to weigh on the prompt this morning. The rest of the curve displayed an increase with temperatures expected to turn colder in the coming days which will result in higher demand, while stronger Brent provided extra support further along the curve.|
|Market Open||Market Open|
|A weak renewable generation forecast pushed Day-Ahead power higher yesterday, with further bullish support coming from a colder weather outlook. Meanwhile, a rise in fuel prices in the afternoon resulted in some contracts posting additional gains.||Day-Ahead power has posted a loss of £0.15/MWh this morning as wind generation is expected to increase by 20GW tomorrow and should remain strong over the weekend. The weather forecast for the start of November also predicts slightly milder temperatures which also weighed on near-curve contracts. Further along the curve a sharp rise in Brent has pushed contracts higher.|
Brent 1st-nearby prices posted a significant gain yesterday, its largest increase for three weeks as the market corrected upwards despite generally bearish fundamentals. However, yesterday's recovery was short lived and downward movement is expected on the back of rising stocks and stable production.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas showed a small loss & commercial electricity moved higher - closing at 39.08ppt and £41.15/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