Weekly Price Update Report - Week 33
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Energy Market ReportsWeekly Price Update Report - Week 33

Weekly Price Update Report - Week 33

Angie Palmer

by Angie Palmer 14 August 2017

Report Summary:

Prices gain on the week


NBP Natural Gas & GB Power Market Movement

Disruption of supply from both the Norwegian and UK gas shelves were the main signals for prices gains during the week.  On Monday, an announced unplanned outage at a Norwegian Gas field resulted in a strong deficit of supply and consequential higher prices.

On Tuesday prices eased back and closed down compared to Monday’s levels despite ongoing outages. Norwegian supply rose incrementally that day and there was a stronger outlook for wind power for next working day.  News that LNG cargoes were UK bound for some parts of latter August also provided some much needed respite.

Prices across the board gained on Wednesday with the UK gas network undersupplied once again, boosted by higher exports of UK gas to the continent.  Oil prices gained after EIA data showed a week-on-week 6.5 million barrel drawdown to US stockpiles. By Friday, prices closed higher overall with the October-17 annual electricity & gas contracts both settling +1.24% and +3.76% when compared to the previous Friday (04th August).

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