Weekly Price Update Report - Week 17
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Energy Market ReportsWeekly Price Update Report - Week 17

Weekly Price Update Report - Week 17

Nathaniel Taylor

by Nathaniel Taylor 24 April 2017

Report Summary:

Prices remain settled

week-on-week-changes

NBP Natural Gas & GB Power Market Movement

Strong demand and expected cooler weather were the main signals for price rises on Tuesday.  News of production cuts at the Groningen gas field, located in the Netherlands, from October 2017 also boosted longer dated products despite a strong performing GB Pound and a softer crude market. Tuesday's gains were eroded on Wednesday and despite a rise in demand and cooler temperatures. 

The GB Pound to Euro rate continued to strengthen following Theresa May’s surprise announcement that a general election would take place in June 2017. 

The Oil price continued to retreat further, closing $1.96 lower and attaining a price point not seen since early April.  The falls there came as the EIA reported that motor gasoline inventories rose by 1 million barrels.   On Thursday, gas prices continued to ease closing lower across the price curve thanks to expected and improved solar/wind power inputs.  Forecasts showing that UK temperatures would hit below the seasonal average in week commencing 24th April, a reduction in Norwegian gas flows and an increase in UK gas exports all contributed to price gains on Friday.

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