Weekly Price Update Report - Week 18
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Energy Market ReportsWeekly Price Update Report - Week 18

Weekly Price Update Report - Week 18

Angelo  Gasendo

by Angelo Gasendo 27 April 2017

Report Summary:

Oil prices nerve the markets


NBP Natural Gas & GB Power Market Movement

Gas prices were mixed on Monday with prices on the near market rising driven by higher demand and colder weather and further ahead prices (2018+) driven down on a lower Crude oil market, with doubts lingering over OPEC production cuts and possible higher production from Russia.  Prices fell on Tuesday for May 2017+ contracts.

Despite bullish fundamentals that day, bearish movement on the Coal market outweighed the impact of a weaker GB Pound and a higher Oil price. The markets gained mid-week on continued cold weather and a (downward) adjustment to UK temperatures for May.  Also, whilst the Pound gained that day this was not enough to fend the bullish impact of a report released by the EIA showing a week-on-week drawdown of US stockpiles. 

A weaker Oil market was the main driver for falling wholesale prices on Thursday along with strong gas withdrawals from medium range gas storage sites and an improved weather outlook for the next working day.  Although demand fell on Friday, prices still trended up on news of an OPEC members meeting in May to discuss a possible extension to the ongoing output cuts.

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