Weekly Price Update Report - Week 27
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Energy Market ReportsWeekly Price Update Report - Week 27

Weekly Price Update Report - Week 27

Chloe Robinson

by Chloe Robinson 03 July 2017

Report Summary:

Are prices about to turn upwards


NBP Natural Gas & GB Power Market Movement

Markets opened the week higher on undersupply boosted by an outage at the Segal system and falling wind power raising gas demand for power generation. On Tuesday price rises continued with the gas network once again constrained by the outage affecting the previous working.

The GB Pound to Euro rate also fell after comments from the European Central Bank that they would be reducing their QE programme as the economy looked set to improve Europe wide.  The oil price rose driven primarily by a softer US Dollar. Markets rose once again mid-week, on the prospect of the Belgian to UK Interconnector returning (having stayed offline for two weeks for planned maintenance). Contracts further along the price curve also gained. Prices overall eased back on Thursday with the GB Pound gaining.  Higher withdrawals from gas storage sites helped to offset the risk of higher Interconnection exports.

The LNG outlook turned strong with cargoes UK bound.  By Friday all contracts closed the week higher with the October 17 annual electricity and gas contracts rising 0.46% and 0.53% respectively.

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