| Gas | Power |
| Market Close | Market Close |
| Gas prices displayed mixed movement yesterday with a long system weighing on near-curve contracts. An uncertain weather forecast limited some of the losses, while contracts further out followed stronger coal and oil markets. However, the Pound strengthened against the Euro as Brexit negotiations have progressed, capping some of the gains on the far-curve. | A stronger Pound provided bearish pressure at the back of the power curve yesterday, despite a rebound in coal and oil markets. The front of the curve was influenced by weaker gas prices, with healthy supply levels the main factor behind any losses. Meanwhile, the prompt decreased as wind levels were expected to improve today. |
| Market Open | Market Open |
| The system remains long this morning even though demand levels are above the seasonal norm due to cold weather. Supply levels are very healthy at present, with the help of higher storage withdrawals, resulting in some losses on the near-curve. Further out, a slight drop in coal prices has helped contracts move down but movement in the afternoon will be dictated by any decisions made in today’s OPEC meeting. | Wind levels are expected to be unchanged tomorrow, helping the prompt record a small loss this morning. Bearish gas also continues to dictate movement at the front of the curve. Minor losses can be observed at the back of the curve but today’s focus will be on the oil market and strong upward movement cannot be ruled out this afternoon. |
For a breakdown of the current generation mix visit our Power Generation Insights page.
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Brent Summary Brent 1st-nearby prices were volatile yesterday afternoon ahead of today’s OPEC meeting in Vienna, with a decision on extending production cuts expected this afternoon. 1-year forward prices Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 48.88ppt and £47.85/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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