Energy Market Risk Analysis | Early January 2018

Short-term dips as Winter hits high high disruptions

Short-term and long-term UK power and gas prices have moved in different directions over the last fortnight, with the seasons and annuals rising – Winter ’18 hitting a multi-year high – helped by a firm oil market, while Day-ahead and Month-ahead values have fallen in the face of ample physical supply.

Winter ’18 reaches 31-month high

UK gas prices for next winter have pushed above 53 p/th over the last few days, to reach their highest level since May 2015, getting some upwards impetus from the oil markets, which have firmed on the back of demonstrations in Iran and falling US oil stock levels. The other seasons and annuals have also risen, although not to long-term highs, while short-term UK gas prices have fallen ─ to their lowest level since mid-November.


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