Weekly Price Update Report - Week 25
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Energy Market ReportsWeekly Price Update Report - Week 25

Weekly Price Update Report - Week 25

Debbie  Francis

by Debbie Francis 19 June 2017

Report Summary:

Warm weather lowers demand


NBP Natural Gas & GB Power Market Movement

The week started with UK energy prices closing lower due to oversupply, a result of weather driven (lower) demand and a rise in Norwegian gas production.  Losses were however limited with the oil price rising alongside and the GB Pound weakening.  Oversupply continued on Tuesday and prices continued to fall likewise, boosted by the yearly maintenance starting on the interconnector which detaches the UK gas market from continental one and could lead to some days with strong oversupply and low prices. 

Whilst the markets ended down on Wednesday, the extent of recorded losses were not as stark as expected as UK labour data showing weaker than anticipated results and the GB Pound weakened accordingly.  Stark losses came about on Thursday with a very hot weather outlook and strong output from renewable energy sources all contributing. News that an LNG tanker would dock at the Isle of Grain at the weekend added to the already high supply confidence. 

By Friday 16th June, all contracts closed the week lower compared the same day in the previous week. In reference to the annual power and gas contracts, the October 17 12-month contracts closed down the strongest, by 1.23% and 2.93% respectively.

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