|Gas prices stabilised yesterday with the help of a rebound in oil which put a stop to the bearish trend displayed in the morning. Cold temperatures also offered support to the near-curve with an expected rise in demand forecast for today.
|Movement along the power curve was mixed yesterday with support provided by a rebound in oil and a weaker Pound. A rise in heating demand was also expected today due to cold overnight temperatures and renewable generation will be limited.
|The gas curve remains stable this morning as oil and coal markets have calmed, carbon has moved down and power is mixed; providing little direction to prices. The UK gas system is oversupplied but the effects of this have been offset by a cold weather outlook for the coming days.
|Power prices are stable to bullish this morning, with cold weather and weaker wind levels supporting the front of the curve. However, a slightly weaker demand outlook is forecast for tomorrow, resulting in a loss on the prompt.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices rebounded yesterday as US sanctions will reduce Venezuelan output by 500,000 barrels per day, with production cuts in Saudi Arabia also providing on-going support.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 56.37ppt and £58.40/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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