Bullish oil market firms prices
NBP Natural Gas & GB Power Market Movement
On Monday (10th April) prices closed lower than the previous working day thanks to expected stronger inputs from both solar and wind power. Bearishness from the Coal market and a stronger performing GB Pound offset the impact of a 1.3% increase in the Oil price that day.
On the second day, Tuesday, markets were mixed: near curve prices continued to ease with available supply strongly outstripping national demand. The GB Pound continued to perform strongly against the Euro although strength from the Oil market ensured long dated products closed slightly higher (although recorded gains were limited).
Another mixed day price wise on Wednesday: with summer prices mostly falling again on oversupply but near winter prices and beyond gaining on Centrica’s announcement that the UK’s largest gas storage site, Rough, would not have any injection capability until 2018.
On the last working day of the week and before the start of the bank holiday period, prices gained across the board on expectations of colder weather, a higher offtake of UK gas to the continent and a bullish Oil market. Gains were limited that day however with the GB Pound reaching a six-week high against the Euro.
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