|Market Close||Market Close|
|Maintenance at Norwegian gas facilities reduced imports into the UK and the rest of Europe yesterday which provided support to near-curve contracts. A rise in exports to Belgium via the UK interconnector also increased demand and supported the bulls. Further out, prices were dictated by rising oil contracts and recorded gains.||Power contracts moved higher yesterday afternoon with direction coming from increases on the gas curve and a jump in coal prices. Weaker demand levels and a healthier wind generation forecast helped to restrict the gains on the prompt but the overall sentiment remained bullish.|
|Market Open||Market Open|
|The UK gas system remains short this morning but a 24mcm rise in flows via the St Fergus terminal has helped to restrict the upward movement on prompt contracts. Meanwhile, another increase in Brent has contributed to gains further along the curve.||Stronger wind generation has helped Day-Ahead power open at a loss this morning but this failed to filter through to the rest of the near-curve. An expected rise in temperatures over the coming days should result in higher consumption, while a rise in coal prices was also a supporting factor.|
Brent 1st-nearby prices have increased on the back of a bullish EIA report which showed a drop in commercial crude oil stocks and reduced US output. In other news, fears about workers strikes in Norway have eased but violence in Nigeria continues to affect the country's oil production.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased - closing at 41.28ppt and £42.64/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