Weekly Price Update Report - Week 29
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Energy Market ReportsWeekly Price Update Report - Week 29

Weekly Price Update Report - Week 29

Debbie  Francis

by Debbie Francis 17 July 2017

Report Summary:

Mixed mid-week price swing


NBP Natural Gas & GB Power Market Movement

UK energy prices pulled back on Monday with an outage at Gjoa ending which raised Norwegian gas flows to the UK. The falling trend continued Tuesday on strong Norwegian imports and oversupply. Higher wind speeds and the return of nuclear supply, following outages, contributed also. 

Wind power generation was set to rise. Banks such as BNP Paribas and Goldman Sachs cut their price forecasts.  Oversupply in this market also kept the medium range outlook weak. US gasoline demand however was seen as strong in the coming weeks with gasoline demand tending to rise in the US over the summer driving season.

Prices are were mixed mid-week but closed down overall. There was an unplanned outage on the Norwegian gas shelf but this was due to end the same day. The oil rose price +$0.22 following an API report that showed US inventories fell by just over 8 million barrels from the previous week but the gain in the GB Pound helped to counterbalance. Prices moved higher on Thursday with the rising oil price being the main driver.  By Friday, prices closed down overall week-on-week with the October annual electricity and gas contracts settling lower by 0.80% and 0.95% respectively.

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