At the beginning of the week, colder weather forecasts had little impact on the gas and power markets in the UK, as the forecast had expected the UK to be at seasonal norms for the time of year. It seemed that overnight changes in weather forecasts helped raise the price of prompt and near-curve contracts, but towards the end of the trading day, value was shed due to long-term expectations of warmer weather. However, from Wednesday onwards, new weather forecasts buoyed the NBP and power markets. Britain was expected to be colder than average at the beginning of February, rather than mild.
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