The UK gas system is well supplied today with demand down according to the daily market report.
Tim Carter, Client Portfolio Manager on the Optimisation Desk at npower said: “Temperatures above 2-3°C above seasonal norm [are] softening energy demand.”
The bearish market trends over the last few weeks see coal and gas prices trading lower today. Prices for gas in February 15 were trading 0.5 pence per therm lower than on Friday, at 47.60p, said the analyst.
Coal was a major source of supply to the UK’s power system, contributing 34% of the UK’s electricity demand at just shy of 15 gigawatts.
Brent is trading at $55.65 (£36.47), added the analyst.