| Gas | Power |
| Market Close | Market Close |
| Gas prices posted gains on Thursday ahead of the expiration of a number of contracts, with strong upward movement on the commodity market also a key factor. Oil prices increased on the back of Wednesday's announcement in regards to production cuts which supported the far-curve. A weaker supply picture also provided bullish pressure at the front of the curve following another drop in Norwegian flows, while a weaker wind forecast will result in higher gas-fired power generation. | Strong upward movement on the gas and oil markets transferred to the power curve yesterday in a bullish session. A colder weather forecast and an expected drop in wind generation over the weekend also helped to push prompt contracts higher. |
| Market Open | Market Open |
| Norwegian export capacity is set to rise next week which has helped to weigh on near-curve gas contracts this morning, although a colder weather forecast could offer some support. The UK gas system is long following a drop in exports to Belgium, however residential demand in the UK is forecast to rise next week in a morning of mixed fundamentals. | Movement is mixed this morning with varied changes at the front of the power curve and sizeable losses displayed further out. A colder weather forecast has provided some support on the near-curve, although the usual drop in industrial demand on Fridays has helped the prompt open at a discount. Meanwhile, contracts further out have taken direction from decreases on the gas and oil markets. |
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Brent Summary Brent 1st-nearby prices display a minor loss this morning following gains in the previous two session as the initial dust has settled following the OPEC announcement on Wednesday; Brent currently trades just above $48.6/b. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased - closing at 40.82ppt and £46.40/MWh, respectively. Today's prices can also be found in an easy to read table on our 'current UK energy price' page. |
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