Weekly Price Update Report - Week 30
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Energy Market ReportsWeekly Price Update Report - Week 30

Weekly Price Update Report - Week 30

Nathaniel Taylor

by Nathaniel Taylor 25 July 2017

Report Summary:

Norwegian gas flows reduce

week-on-week-changes

NBP Natural Gas & GB Power Market Movement

UK energy prices rose on Monday on reduced Norwegian gas production which caused a shortfall in supply. Exports from the UK to the continent through the interconnector were also near full capacity. On Tuesday, markets open down despite undersupply and a risk of Norwegian outages being extended beyond the original scheduled return date.

Higher wind speeds weighed on the outlook for demand from the power sector. UK gas production also remained strong. Oil trended down but did recover during the day. Wednesday was mixed despite higher demand and disruption at the St Fergus gas platform.  Higher Norwegian gas flows kept gains at bay.  Prices recovered on the penultimate working day with the main bullish signal being a drop in Norwegian gas flows.  The front month benchmark Brent crude price rose during the day with the EIA confirming US crude oil stocks were down 4.73 million barrels week-on-week. 

By Friday, prices closed higher overall with the October annual electricity and gas contracts settling +0.22% and +1.27% respectively when compared the previous Friday..

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