Weekly Price Update Report - Week 26
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Energy Market ReportsWeekly Price Update Report - Week 26

Weekly Price Update Report - Week 26

Angie Palmer

by Angie Palmer 24 June 2017

Report Summary:

Milder weather slows the trend


NBP Natural Gas & GB Power Market Movement

Prices opened higher on Monday.  Reduced output from wind farms boosted demand from the power sector and a nuclear reactor went offline for maintenance which led to an increase in spot electricity prices. News that three LNG cargoes are likely to arrive to the UK in early July limited gains however. Markets gained strongly on Tuesday on undersupply due to injection demand from medium range storage sites. There were also limitations on the French and Dutch power interconnectors. The Pound fell after Mark Carney said that an interest rate hike was no longer likely.

Rises continued mid-week on reduced imports from Norway and lower UK gas production because of maintenance. There were two unplanned outages on the Norwegian gas shelf and these coincided with planned maintenance at UK’s Tormore gas field. Demand for gas from power plants also firmed on low wind power. Limiting rises however was the oil price which attained a 7-month low and the strong recovery in the GB Pound after a BoE policymaker said he expected to back an interest rate hike later in the year. Markets fell on Thursday in parallel with bearish movements in the oil market. Overall power prices ended the week higher with the October 17 annual contract closing 0.29% higher than the previous week. 


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