The UK gas system is 6mcm undersupplied, according to npower’s daily market report.

Exports through the UK Interconnector have been reduced and flows from Holland and Norway are at 25mcm and 67mcm.

Alex Guiot from the Optimisation Desk said: “There is less supply from storage withdrawals. Holford is only nominating 5mcm today, down from 16mcm while Aldborough is down from 9mcm to practically nothing.”

On the power system, the peak margin is above 10GW.

Mr Guiot added: “Wind generation is expected to be poor today, increasing the reliance on CCGTs.”

Oil prices are currently trading at $34.6/bbl (£23.5/bbl).

Mr Guiot went on: “They recovered from an initial slump yesterday when Iran said a production freeze for them was ‘illogical’ and later commenting that ‘Iran backs any measures which help stabilise the market and improve the price of oil’.

“There is still a lot of doubt over the impact any production freeze might have on the current oversupply as it doesn’t actually reduce that overhang, doubts remain over whether Iran would actually stem their own production ramp up following the lifting of sanctions.”