Weekly Price Update Report - Week 31
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Energy Market ReportsWeekly Price Update Report - Week 31

Weekly Price Update Report - Week 31

Kiran Jutti

by Kiran Jutti 01 August 2017

Report Summary:

Price spikes and dips over the week


NBP Natural Gas & GB Power Market Movement

Prices opened lower on Monday. Norwegian gas flows were higher and LNG send-out during the week was expected stronger with cargo arrivals to the UK in August. Overall, national demand was expected stable with only a small week-on-week change to UK weather temperatures. 

Markets open down on Tuesday despite the UK gas network being undersupplied and despite a lower-than-expected LNG send out.  However, prices did recover with maintenance at Kollsnes being extended.  The oil price rose over the $50 mark following an announcement from Saudi Arabia that it would cut its exports to help accelerate the rebalancing of global oil market. The main bullish factor for price gains on Wednesday was confirmation that Kollsnes would stay offline until early October having had its expected return date delayed on several occasions.

Prices directions were mixed on Thursday. Total consumption was higher and the coal price traded up. Despite the outage extension at Kollsnes, Norwegian gas flows were higher alongside UK gas production. The GB Pound gained against the Euro and the Oil price receded a little during the morning’s session.  By Friday, prices closed higher overall with the October-17 annual electricity & gas contracts settling higher 0.79% and 1.13% respectively when compared to the previous Friday.

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