Prices pickup over the week
NBP Natural Gas & GB Power Market Movement
Markets rose during the week on a continued colder weather outlook and reduced Russian gas flows to Europe. A partial outage at Rough, the UK's largest gas storage site meant lower availability and reduced flexibility in the market. Centrica confirmed that the outage at Rough would be extended until 1st March and this added to the bullish and rising sentiment.
There was also an outage at SSE's Hornsea gas storage site. Some disruption with UK gas production also contributed to the below week-on-week gains with Bacton Seal remaining offline since mid-January and reported issues at Morecambe Bay and Barrow. Compared to the previous week, UK gas production during the week was 5%, from 119 MCM to 113 MCM.
The GB Pound weakened further against the Euro following the Parliamentary vote to trigger Article 50, the exit clause that permits an EU member state to leave the union. Oil closed the week +2.3% higher and Coal +4% higher on supply constraints and reduced stocks data in Asia. .
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