NBP Natural Gas & GB Power Market Movement

Markets opened the week in a bullish mode, responding to under-supply of the gas transmission network and strength in Crude oil prices with Russia and Saudi Arabia supporting an extension to kerb supply in the oil market. Despite continued falling Norwegian gas deliveries, cooler weather forecasts and an expected EDF strike action on the Continent, prices ended Tuesday just below Monday’s settlement with an intra-day fall in oil prices providing some mild respite. 

A bullish market resumed however on Wednesday: the main (adverse) drivers being an expected rise in demand, another drop in LNG send out, a weak performance of the GB Pound against the Euro and a bullish coal and oil market. Whilst rises were recorded on Thursday, the extent of the rises was less severe compared to days 1 and 3. 

By the close of play on Friday 19th May, prices ending higher overall compared to the same day in the previous working week (12th May).  There were also notable rises in wider fuel spectrum with Coal, Carbon and Oil prices closing higher week-on-week by 4.59%, 8.99% and 5.45% respectively.

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