The gas system is “slightly undersupplied” today as demand has risen.

Temperatures have dropped a touch from yesterday, leading to the pickup in demand, according to npower’s daily market report.

Linepack forecasts are currently 4mcm short but there is plenty of potential for increased supplies from either Norway, storage sites or LNG “which are down at capacity in line with yesterday’s levels”.

The power system is however comfortable, with more than 10GW of spare capacity “as wind generation continues to impress”.

There is currently 5GW of wind generation which forecasts suggest could rise to 7GW later today and remain at around 6GW through tomorrow.

Looking at the oil prices, Tim Carter from the Optimisation Desk said they are in “sharp focus” not just for the energy markets but the wider global financial markets.

He added: “The latest declines seem to be being attributed to the US supply glut again with US stocks expected to have grown again last week on top of comments yesterday from the Saudi’s saying they won’t reduce spending on energy projects signalling supplies won’t be curtailed any time soon.

“Brent spot contracts are now trading at $29.35/Bbl (£20.6/Bbl) as a result we’re seeing Chinese markets off 7% today and Europe is opening around 1.5% lower as financial markets continue to take a lead for the oil prices.

“Finally we’ve seen the pound sterling continue to lose ground again this morning following comments from the European Central Bank yesterday and in advance of the Bank of England Governor Carney speaking this morning which could provide some further direction.”