Weekly Price Update Report - Week 22
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Energy Market ReportsWeekly Price Update Report - Week 22

Weekly Price Update Report - Week 22

Ian Mckenna

by Ian Mckenna 31 May 2017

Report Summary:

Slight increase over the week


NBP Natural Gas & GB Power Market Movement

Prices trended down at the start of Monday. The spot market tumbled 11+%: end of maintenance ensured a rebound in Norwegian gas supplies and the warm weather outlook weighed heavily on national demand. However with Norwegian supply reducing during the day and the GB Pound falling after a pair of polls showed that T. May's opinion poll lead had fallen, the majority of products ended the day’s session higher. 

Whiles prices opened lower on Tuesday, a similar pattern to Monday occurred with intra-day strength seen, stemming from expectations of supply cuts between OPEC and non-OPEC producers.  Markets did fall mid-week.  Reduced demand was the main driver along with the Oil price easing back into the high $53s range. 

The falling price sentiment continued into Thursday (again) with weather and suppressed demand contributing. Oil continued to ease: whilst OPEC agreed to extend cuts to output, the cuts were not as severe as expected. An outlook for stronger demand strengthened prices by Friday. Overall, week-on-week, annual prices for October 17 and beyond concluded higher with the near annual and gas power contract moving +1.08% and +1.33% respectively.

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