Markets Improve Outlook
NBP Natural Gas & GB Power Market Movement
Improved weather-related forecasts was the main bearish driver for prices during the week along with progressively lower consumption day-on-day. Mid-week, a rise in US fuel inventories and stalling demand in China contributed to an easing Oil price which attained the $54 range during the week having hit as high as the $56 range at the end of the previous week.
The Pound recovered mostly during the week following weakness after the Parliamentary vote to trigger Article 50. Therefore, more favourable Currency and Oil markets did feed through to UK gas and power products along with improved market fundamentals. Norwegian gas imports through the Langeled gas line was at near capacity at the end of week.
With temperatures also expected to turn milder across Europe in week commencing 13th February, prices closed the week down overall.
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