Weekly Price Update Report - Week 20
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Energy Market ReportsWeekly Price Update Report - Week 20

Weekly Price Update Report - Week 20

Nathaniel Taylor

by Nathaniel Taylor 16 May 2017

Report Summary:

Stable as she goes

week-on-week-changes

NBP Natural Gas & GB Power Market Movement

Prices fell on Monday despite imports from Norway falling overnight by 24% and outages affected UK gas production. An improved weather outlook was the main bearish factor of the day along with above-daily-norm wind power. There was some recovery in the Oil price on prospects that OPEC supply cuts could be extended beyond 2017, although continued recovery in US drilling limited rises in this commodity.  On Tuesday, higher continental exports, higher storage withdrawals and lower Norwegian gas flows resulted in price rises but a higher LNG send-out helped to offset the risks.

Markets opened higher mid-week on under supply and expectations of further reduced supply with Norway’s Ormen Lange gas platform fully shutting down from Thursday (11th May) and continuing supply issues at Bacton.  Prices did, however, move into negative territory as the day progressed on continued expectations of falling demand and a stronger performing Sterling to Euro exchange rate.  The main signal for lower prices on Thursday was once again lower than previously forecasted demand. Overall, prices settled lower on Friday 12th May compared to Friday 05th May; the October annual gas and electricity fell 1.44% and 1.60% respectively.

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