Despite the plummeting cold temperatures, the gas supply market remains strong according to the Daily Market Report.

Alex Guiot, Client Portfolio Manager on the Optimisation Desk at npower said: “In terms of flows storage has continued to nominate high withdrawals this morning at 83 million cubic metres which is the main reason for the system to be over supplied.”

The gas prices opened higher than yesterday’s close with Feb 15 trading at 15 pence higher at 35 pence per therm added the analyst.

Margins on the power system are “very compatible” with the forecast expected to be 10.5 gigawatts.

He added: “Power prices have followed the upward trend with Feb 15 trading at £38.80 per megawatt house.”